Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 28, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | Lumber Liquidators Holdings, Inc. | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001396033 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 28,724,931 | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 325.1 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and Cash Equivalents | $ 8,993 | $ 11,565 |
Merchandise Inventories | 286,369 | 318,272 |
Prepaid Expenses | 8,288 | 6,299 |
Deposit for Legal Settlement | 21,500 | 21,500 |
Tariff Recovery Receivable | 27,025 | |
Other Current Assets | 6,938 | 8,667 |
Total Current Assets | 359,113 | 366,303 |
Property and Equipment, net | 98,733 | 93,689 |
Operating Lease Right-of-Use Assets, net | 121,796 | |
Goodwill | 9,693 | 9,693 |
Other Assets | 6,674 | 5,832 |
Total Assets | 596,009 | 475,517 |
Current Liabilities: | ||
Accounts Payable | 59,827 | 73,412 |
Customer Deposits and Store Credits | 41,571 | 40,332 |
Accrued Compensation | 11,742 | 9,265 |
Sales and Income Tax Liabilities | 7,225 | 4,200 |
Accrual for Legal Matters and Settlements - Current | 67,471 | 97,625 |
Operating Lease Liabilities - Current | 31,333 | |
Other Current Liabilities | 18,937 | 17,290 |
Total Current Liabilities | 238,106 | 242,124 |
Other Long-Term Liabilities | 13,757 | 20,203 |
Operating Lease Liabilities - Long-Term | 100,470 | |
Deferred Tax Liability | 426 | 792 |
Credit Agreement | 82,000 | 65,000 |
Total Liabilities | 434,759 | 328,119 |
Stockholders' Equity: | ||
Common Stock ($0.001 par value; 35,000 shares authorized; 29,958 and 31,578 shares issued and 28,714 and 28,627 shares outstanding at December 31, 2019 and 2018, respectively) | 30 | 32 |
Treasury Stock, at cost (1,245 and 2,951 shares, respectively) | (142,314) | (141,828) |
Additional Capital | 218,616 | 213,744 |
Retained Earnings | 86,498 | 76,835 |
Accumulated Other Comprehensive Loss | (1,580) | (1,385) |
Total Stockholders' Equity | 161,250 | 147,398 |
Total Liabilities and Stockholders' Equity | $ 596,009 | $ 475,517 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 35,000 | 35,000 |
Common Stock, shares, issued | 29,958 | 31,578 |
Common Stock, shares outstanding | 28,714 | 28,627 |
Treasury Stock, shares | 1,245 | 2,951 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Sales | $ 1,092,602 | $ 1,084,636 | $ 1,028,933 |
Cost of Sales | 688,916 | 691,696 | 659,872 |
Gross Profit | 403,686 | 392,940 | 369,061 |
Selling, General and Administrative Expenses | 386,970 | 443,513 | 406,027 |
Operating Income (Loss) | 16,716 | (50,573) | (36,966) |
Other Expense | 3,764 | 2,827 | 1,591 |
Income (Loss) Before Income Taxes | 12,952 | (53,400) | (38,557) |
Income Tax Expense (Benefit) | 3,289 | 979 | (734) |
Net Income (Loss) | $ 9,663 | $ (54,379) | $ (37,823) |
Net Income (Loss) per Common Share—Basic | $ 0.34 | $ (1.90) | $ (1.33) |
Net Income (Loss) per Common Share—Diluted | $ 0.34 | $ (1.90) | $ (1.33) |
Weighted Average Common Shares Outstanding: | |||
Basic | 28,689 | 28,571 | 28,407 |
Diluted | 28,793 | 28,571 | 28,407 |
Net Merchandise Sales | |||
Net Sales | $ 956,041 | $ 955,949 | $ 938,269 |
Cost of Sales | 586,918 | 596,411 | 591,087 |
Net Services Sales | |||
Net Sales | 136,561 | 128,687 | 90,664 |
Cost of Sales | $ 101,998 | $ 95,285 | $ 68,785 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 9,663 | $ (54,379) | $ (37,823) |
Other Comprehensive (Loss) Income: | |||
Foreign Currency Translation Adjustments | (195) | (233) | 304 |
Total Other Comprehensive (Loss) Income | (195) | (233) | 304 |
Comprehensive Income (Loss) | $ 9,468 | $ (54,612) | $ (37,519) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 31 | $ (139,420) | $ 202,700 | $ 169,037 | $ (1,456) | $ 230,892 |
Beginning Balance (in shares) at Dec. 31, 2016 | 28,248 | 2,854 | ||||
Stock-Based Compensation Expense | 4,582 | $ 4,582 | ||||
Exercise of Stock Options (in shares) | 88 | 87,955 | ||||
Exercise of Stock Options | 1,347 | $ 1,347 | ||||
Release of Restricted Shares (in shares) | 154 | |||||
Common Stock Repurchase (in shares) | 53 | 0 | ||||
Common Stock Repurchased | $ (1,455) | $ (1,455) | ||||
Translation Adjustment | 304 | 304 | ||||
Net Income (Loss) | (37,823) | (37,823) | ||||
Ending Balance at Dec. 31, 2017 | $ 31 | $ (140,875) | 208,629 | 131,214 | (1,152) | 197,847 |
Ending Balance (in shares) at Dec. 31, 2017 | 28,490 | 2,907 | ||||
Stock-Based Compensation Expense | 4,346 | $ 4,346 | ||||
Exercise of Stock Options (in shares) | 44 | 43,510 | ||||
Exercise of Stock Options | 770 | $ 770 | ||||
Release of Restricted Shares | $ 1 | (1) | ||||
Release of Restricted Shares (in shares) | 93 | |||||
Common Stock Repurchase (in shares) | 44 | 0 | ||||
Common Stock Repurchased | $ (953) | $ (953) | ||||
Translation Adjustment | (233) | (233) | ||||
Net Income (Loss) | (54,379) | (54,379) | ||||
Ending Balance at Dec. 31, 2018 | $ 32 | $ (141,828) | 213,744 | 76,835 | (1,385) | 147,398 |
Ending Balance (in shares) at Dec. 31, 2018 | 28,627 | 2,951 | ||||
Stock-Based Compensation Expense | 4,872 | $ 4,872 | ||||
Release of Restricted Shares (in shares) | 87 | |||||
Common Stock Repurchase (in shares) | 0 | |||||
Common Stock Repurchase (in shares) | (1,706) | |||||
Common Stock Repurchased | $ (2) | $ (486) | $ (488) | |||
Translation Adjustment | (195) | (195) | ||||
Net Income (Loss) | 9,663 | 9,663 | ||||
Ending Balance at Dec. 31, 2019 | $ 30 | $ (142,314) | $ 218,616 | $ 86,498 | $ (1,580) | $ 161,250 |
Ending Balance (in shares) at Dec. 31, 2019 | 28,714 | 1,245 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net Income (Loss) | $ 9,663 | $ (54,379) | $ (37,823) |
Adjustments to Reconcile Net Income (Loss): | |||
Depreciation and Amortization | 17,465 | 18,425 | 17,739 |
Deferred Income Taxes (Benefit) Provision | (366) | 240 | (3,246) |
Stock-Based Compensation Expense | 4,848 | 4,091 | 4,735 |
Provision for Inventory Obsolescence Reserves | 1,888 | 3,108 | 6,349 |
(Gain) Loss on Disposal of Fixed Assets | (221) | 1,818 | 1,498 |
Changes in Operating Assets and Liabilities: | |||
Merchandise Inventories | 28,941 | (59,179) | 32,614 |
Accounts Payable | (13,640) | 4,852 | (52,475) |
Customer Deposits and Store Credits | 1,353 | 1,685 | 6,001 |
Prepaid Expenses and Other Current Assets | (27,113) | 2,902 | 28,962 |
Accrual for Legal Matters and Settlements | 4,575 | 63,951 | 36,960 |
Deposit for Legal Settlement | (21,500) | ||
Payments for Legal Matters and Settlements | (34,729) | (2,904) | (2,522) |
Other Assets and Liabilities | 7,665 | (6,096) | 600 |
Net Cash Provided by (Used in) Operating Activities | 329 | (42,986) | 39,392 |
Cash Flows from Investing Activities: | |||
Purchases of Property and Equipment | (19,906) | (14,332) | (7,411) |
Other Investing Activities | 422 | 871 | 3,073 |
Net Cash Used in Investing Activities | (19,484) | (13,461) | (4,338) |
Cash Flows from Financing Activities: | |||
Borrowings on Credit Agreement | 104,500 | 74,000 | 40,000 |
Payments on Credit Agreement | (87,500) | (24,000) | (65,000) |
Proceeds from the Exercise of Stock Options | 770 | 1,347 | |
Payments on Financed Insurance Obligations | (612) | (734) | |
Other Financing Activities | (1,119) | (953) | (1,806) |
Net Cash Provided by (Used in) Financing Activities | 15,881 | 49,205 | (26,193) |
Effect of Exchange Rates on Cash and Cash Equivalents | 702 | (1,131) | 806 |
Net (Decrease) Increase in Cash and Cash Equivalents | (2,572) | (8,373) | 9,667 |
Cash and Cash Equivalents, Beginning of Year | 11,565 | 19,938 | 10,271 |
Cash and Cash Equivalents, End of Year | 8,993 | $ 11,565 | 19,938 |
Supplemental disclosure of non-cash operating and financing activities [Abstract] | |||
Tenant Improvement Allowance for Leases | $ (2,962) | ||
Financed Insurance Premiums | $ 1,346 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Nature of Business Lumber Liquidators Holdings, Inc. and its direct and indirect subsidiaries (collectively and, where applicable, individually, the “Company”) engage in business as a multi-channel specialty retailer of hard-surface flooring, and hard-surface flooring enhancements and accessories, operating as a single operating segment. The Company offers an extensive assortment of exotic and domestic hardwood species, engineered hardwood, laminate, resilient vinyl, waterproof vinyl plank and porcelain tile flooring direct to the consumer. The Company features the renewable flooring products, bamboo and cork, and provides a wide selection of flooring enhancements and accessories, including moldings, noise-reducing underlayment, adhesives and flooring tools. The Company also provides in-home delivery and installation services to its customers. The Company sells primarily to homeowners or to contractors on behalf of homeowners through a network of store locations in metropolitan areas. The Company’s stores spanned 47 states in the United States (“U.S.”) and included eight stores in Canada at December 31, 2019. In addition to the store locations, the Company’s products may be ordered, and customer questions/concerns addressed, through both its customer relationship center in Richmond, Virginia, and its website, www.lumberliquidators.com. Until January 2019, the Company finished the majority of its Bellawood products on its finishing lines in Toano, Virginia, which along with the call center, corporate offices and a distribution center, represented the corporate headquarters until November 2019. In July of 2018, the Company announced its plan to sell its finishing line equipment to an unaffiliated third-party purchaser and to relocate its corporate headquarters to Richmond, Virginia, in 2019. The move of the corporate headquarters to Richmond, Virginia was completed as of November 2019. Organization and Basis of Financial Statement Presentation The consolidated financial statements of Lumber Liquidators Holdings, Inc., a Delaware corporation, include the accounts of its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. During 2018, the Company recognized significant liabilities related to various legal and regulatory matters. While the payment of these liabilities in 2019, 2018, and 2017 has had, and is expected to have, a material adverse impact on the Company’s liquidity and cash flow from operations, the Company estimates that it has sufficient liquidity through amounts available under its Revolving Credit Facility and forecasted cash flows from operations to fund its working capital, including these legal and regulatory liabilities. The Company prepares its forecasted cash flow and liquidity estimates based on assumptions that it believes to be reasonable but are also inherently uncertain. Actual future cash flows could differ from these estimates. Cash and Cash Equivalents The Company had cash and cash equivalents of $ 9 million and $1 2 million at December 31, 2019 and 2018, respectively. The Company considers all highly liquid investments with a maturity date of three months or less when purchased to be cash equivalents, of which there were zero at December 31, 2019 and 2018, respectively. The Company accepts a range of debit and credit cards, and these transactions are generally transmitted to a bank for reimbursement within 24 hours. The payments due from the banks for these debit and credit card transactions are generally received, or settled, within 24 to 48 hours of the transmission date. The Company considers all debit and credit card transactions that settle in less than seven days to be cash and cash equivalents. Amounts due from the banks for these transactions classified as cash equivalents totaled $ 6.5 million and $ 7.3 million at December 31, 2019 and 2018, respectively. Credit Programs Credit is offered to the Company’s customers through a credit card, underwritten by a third-party financial institution and at no recourse to the Company. A credit line is offered to the Company’s professional customers through the Lumber Liquidators Commercial Credit Program. This commercial credit program is underwritten by a third-party financial institution, generally with no recourse to the Company. As part of the credit program, the Company’s customers may tender their Lumber Liquidators credit card to receive installation services. As of December 31, 2019, the Company utilized a network of associates to perform certain customer-facing, consultative services and coordinate the installation of its flooring products by third-party independent contractors in all of its stores. Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash and cash equivalents, accounts payable and other liabilities approximates fair value because of the short-term nature of these items. The carrying amount of obligations under its Credit Agreement approximates fair value due to the variable rate of interest. Merchandise Inventories The Company values merchandise inventories at the lower of cost or net realizable value. The method by which amounts are removed from inventory is weighted average cost. All of the hardwood flooring purchased from vendors is either prefinished or unfinished, and in immediate saleable form. The Company relies on a select group of international suppliers to provide imported flooring products that meet the Company’s specifications. In 2019, approximately 46% of the Company’s product was sourced from China. The Company is subject to near-term risks associated with obtaining products from abroad, including disruptions or delays in production, shipments, delivery or processing as a result of a pandemic, including the Coronavirus. The Company is developing contingency plans to minimize potential disruptions. Inventory cost includes the costs of bringing an article to its existing condition and location such as shipping and handling and import tariffs. Prior to the sale of the finishing line equipment in 2018, the Company would add the finish to, and box, various species of unfinished product, to produce certain proprietary products, primarily Bellawood. Any finishing and boxing costs were included in the average unit cost of related merchandise inventory. In addition, the Company maintains an inventory reserve for loss or obsolescence based on historical results and current sales trends. This reserve was $6.9 million and $6.8 million at December 31, 2019 and 2018, respectively. Included in merchandise inventories are tariff related costs, including Section 301 tariffs. In late 2019, the United States Trade Representative (“USTR”) ruled on a request made by certain interested parties, including the Company, and retroactively excluded certain flooring products imported from China from the Section 301 tariffs . The Company has recorded a $27 million receivable related to these tariffs in the caption “Tariff Recovery Receivable” on the Consolidated Balance Sheets and expects to receive payments by the end of 2020. Impairment of Long-Lived Assets The Company evaluates potential impairment losses on long-lived assets and right-of-use assets used in operations when events and circumstances indicate that the assets may be impaired, and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. If impairment exists and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, an impairment loss is recorded based on the difference between the carrying value and fair value of the assets. During 2018, the Company decided to exit the finishing business and entered into an agreement to sell this equipment to a third party, which altered the Company’s expectations of future cash flows from these long-lived assets. As a result, the Company tested certain long-lived assets for impairment and recorded a $1.8 million impairment charge within selling, general and administrative (“SG&A”) expenses in its accompanying consolidated statements of operations. The charge was measured as the difference between the fair value (Level 2 inputs under ASC 820) of the assets and the carrying value of the related net assets based on the contract to sell to a third party. The Company received $0.8 million in connection with this transaction during 2018 and had $1.0 million in assets held-for-sale, included in Other Current Assets on the Consolidated Balance Sheet as of December 31, 2018. During 2019, the Company received $0.9 million in connection with this transaction and had $0.1 million in assets held-for-sale included in Other Current Assets on the Consolidated Balance Sheet as of December 31, 2019. During 2017, the Company determined that the carrying value of certain assets that had once been part of a discontinued vertical integration strategy was above their fair value and recorded an impairment charge of $1.5 million within SG&A expenses in the consolidated statements of operations. The charge was measured as the difference between the fair value (Level 2 inputs under ASC-820) of the assets and the carrying value of the related net assets based on a contract to sell to a third party. Goodwill and Other Indefinite-Lived Intangibles Goodwill represents the costs in excess of the fair value of net assets acquired associated with acquisitions by the Company. As of December 31, 2019 and 2018, other assets include $0.8 million for an indefinite-lived intangible asset for the phone number 1‑800‑HARDWOOD and related internet domain names. The Company evaluates these assets for impairment on an annual basis, or whenever events or changes in circumstance indicate that the asset carrying value exceeds its fair value . Based on the analysis performed, the Company has concluded that no impairment in the value of these assets has occurred. Self-Insurance The Company is self-insured for certain employee health benefit claims and for certain workers’ compensation claims. The Company estimates a liability for aggregate losses below stop-loss coverage limits based on estimates of the ultimate costs to be incurred to settle known claims and claims incurred but not reported as of the balance sheet date. The estimated liability is not discounted and is based on a number of assumptions and factors including historical and industry trends and economic conditions. This liability could be affected if future occurrences and claims differ from these assumptions and historical trends. As of December 31, 2019 and 2018, the Company had accruals of $2. 5 million and $2. 4 million, respectively, related to estimated claims included in other current liabilities. Recognition of Net Sales In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“Topic 606”), Revenue from Contracts with Customers , which superseded the revenue recognition requirements in Topic 605, Revenue Recognition , including most industry-specific revenue recognition guidance. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and when control of those goods and services has passed to the customer. The Company adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method. However, because adoption of the standard did not change the timing or amount of the Company’s recognition of revenue and because the Company does not recognize revenues for partial contracts, there was no adjustment to retained earnings needed as part of the adoption of the new standard. The Company generates revenues primarily by retailing merchandise in the form of hard-surface and porcelain flooring and accessories. Additionally, the Company expands its revenues by offering services to deliver and/or install this merchandise for its customers; it considers these services to be separate performance obligations. The separate performance obligations are detailed on the customer’s invoice(s) and the customer often purchases flooring merchandise without purchasing installation or delivery services. Sales occur through a network of 41 9 stores, which spanned 47 states, including eight stores in Canada at December 31, 2019. In addition, both the merchandise and services can be ordered through a call center and from the Company’s website, www.lumberliquidators.com. The Company’s agreements with its customers are of short duration (less than a year), and as such the Company has elected not to disclose revenue for partially satisfied contracts that will be completed in the days following the end of a period as permitted by GAAP. The Company reports its revenues exclusive of sales taxes collected from customers and remitted to governmental taxing authorities, consistent with past practice. Revenue is based on consideration specified in a contract with a customer and excludes any sales incentives from vendors and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer or performing service for a customer. Revenues from installation and freight services are recognized when the delivery is made or the installation is complete, which approximates the recognition of revenue over time due to the short duration of service provided. The price of the Company’s merchandise and services is specified in the respective contract and detailed on the invoice agreed to with the customer including any discounts. The Company generally requires customers to pay a deposit, equal to approximately half of the retail sales value, when ordering merchandise not regularly carried in a given location or not currently in stock. In addition, the Company generally does not extend credit to its customers with payment due in full at the time the customer takes possession of merchandise or when the service is provided. Customer payments and deposits received in advance of the customer taking possession of the merchandise or receiving the services are recorded as deferred revenues in the accompanying consolidated balance sheet caption Customer Deposits and Store Credits. The following table shows the activity in this account for the periods noted: Year Ended December 31, 2019 2018 2017 Customer Deposits and Store Credits, Beginning Balance $ (40,332) $ (38,546) $ (32,639) New Deposits (1,163,691) (1,155,019) (1,101,841) Recognition of Revenue 1,092,602 1,084,636 1,028,933 Sales Tax included in Customer Deposits 67,029 67,125 66,028 Other 2,821 1,472 973 Customer Deposits and Store Credits, Ending Balance $ (41,571) $ (40,332) $ (38,546) Subject to limitations under the Company’s policy, return of unopened merchandise is accepted for 90 days. The amount of revenue recognized for flooring merchandise is adjusted for expected returns, which are estimated based on the Company’s historical data, current sales levels and forecasted economic trends. The Company uses the expected value method to estimate returns because it has a large number of contracts with similar characteristics. The Company previously recognized revenue in full, recorded an allowance for expected returns (contra-revenue) and recorded a separate refund liability for expected returns. The Company reduces revenue by the amount of expected returns and records it within Accrued Expenses and Other on the consolidated balance sheet. The Company continues to estimate the amount of returns based on the historical data. In addition, the Company recognizes a related asset for the right to recover returned merchandise and records it in the Other Current Assets caption of the accompanying consolidated balance sheet. This amount was $1.2 million at December 31, 2019 and 2018. The Company recognizes sales commissions as incurred since the amortization period is less than one year. We offer hundreds of different flooring products; however, no single flooring product represented a significant portion of our sales mix. By major product category, our sales mix was as follows: Year Ended December 31, 2019 2018 2017 Manufactured Products 1 $ 452,914 41 % $ 392,512 36 % $ 315,369 31 % Solid and Engineered Hardwood 319,582 29 % 367,026 34 % 423,301 41 % Moldings and Accessories and Other 183,545 17 % 196,411 18 % 199,599 19 % Installation and Delivery Services 136,561 13 % 128,687 12 % 90,664 9 % Total $ 1,092,602 100 % $ 1,084,636 100 % $ 1,028,933 100 % 1 Includes laminate, vinyl, engineered vinyl plank and porcelain tile. Cost of Sales Cost of sales includes the cost of products sold, including tariffs, the cost of installation services, and transportation costs from vendors to the Company’s distribution centers or store locations. It also includes any applicable finishing costs related to production of the Company’s proprietary brands, transportation costs from distribution centers to store locations, transportation costs for the delivery of products from store locations to customers, certain costs of quality control procedures, warranty and customer satisfaction costs, inventory adjustments including obsolescence and shrinkage, and costs to produce samples, which are net of vendor allowances. The Company offers a range of limited warranties for the durability of the finish on its prefinished products to its services provided. These limited warranties range from one to 100 years, with lifetime warranties for certain of the Company’s products. Warranty reserves are based primarily on claims experience, sales history and other considerations, including payments made to satisfy customers for claims not directly related to the warranty on the Company’s products. Warranty costs are recorded in cost of sales. This reserve was $ 0.9 million and $1. 4 million at December 31, 2019 and 2018, respectively. The Company seeks recovery from its vendors and third-party independent contractors of installation services for certain amounts paid. Vendor allowances primarily consist of volume rebates that are earned as a result of attaining certain purchase levels and reimbursement for the cost of producing samples. Vendor allowances are accrued as earned, with those allowances received as a result of attaining certain purchase levels accrued over the incentive period based on estimates of purchases. Volume rebates earned are initially recorded as a reduction in merchandise inventories and a subsequent reduction in cost of sales when the related product is sold. Reimbursement received for the cost of producing samples is recorded as an offset against cost of sales. Advertising Costs Advertising costs charged to selling, general and administrative (“SG&A”) expenses, net of vendor allowances, were $7 5 million , $7 4 million and $ 77 million in 2019, 2018 and 2017, respectively. The Company uses various types of media to brand its name and advertise its products. Media production costs are generally expensed as incurred, except for direct mail, which is expensed when the finished piece enters the postal system. Media placement costs are generally expensed in the month the advertising occurs, except for contracted endorsements and sports agreements, which are generally expensed ratably over the contract period. Amounts paid in advance are included in prepaid expenses and totaled $0.4 million and $0.6 million at December 31, 2019 and 2018, respectively. Store Opening Costs Costs to open new store locations are charged to SG&A expenses as incurred, net of any vendor support. Other Vendor Consideration Consideration from non-merchandise vendors, including royalties and rebates, are generally recorded as an offset to SG&A expenses when earned. Depreciation and Amortization Property and equipment is carried at cost and depreciated on the straight-line method over the estimated useful lives. The estimated useful lives for leasehold improvements are the shorter of the estimated useful lives or the remainder of the lease terms. For leases with optional renewal periods for which renewal is not reasonably certain, the Company uses the original lease term, excluding optional renewal periods, to determine the appropriate estimated useful lives. Capitalized software costs are capitalized from the time that technological feasibility is established until the software is ready for use. The estimated useful lives are generally as follows: Years Buildings and Building Improvements 7 to 40 Property and Equipment 3 to 10 Computer Software and Hardware 3 to 10 Leasehold Improvements 1 to 10 Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), which created ASC Topic 842, Leases , and superseded the lease accounting requirements in Topic 840, Leases. In summary, Topic 842 requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842, which included an option to not restate comparative periods in transition and elect to use the effective date of ASC 842 as the date of initial application of transition, which the Company elected. As a result of the adoption of ASC 842 on January 1, 2019, the Company recorded both operating lease right-of-use (“ROU”) assets of $113 million and lease liabilities of $121 million. The adoption of ASC 842 had an immaterial impact on the Company’s consolidated statements of operations and consolidated statements of cash flows for the year ended December 31, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard which, among other things, allowed the Company to carryforward the historical lease classification. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease ROU assets and operating lease liabilities on the consolidated balance sheet. The operating lease ROU assets and operating lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. As most of the leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also is adjusted for any lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease at certain dates, typically at the Company’s own discretion. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. Many of the Company’s leases include both lease (e.g., payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as the Company has elected the practical expedient to group lease and non-lease components for all leases. Lease expense for minimum lease payments is recognized on a straight-line basis over the term of the agreement. The Company made an accounting policy election that payments under agreements with an initial term of 12 months or less will not be included on the consolidated balance sheet but will be recognized in the consolidated statements of operations on a straight-line basis over the term of the agreement. Additional information and disclosures required by this new standard are contained in “Note 5, Leases.” Stock-Based Compensation The Company records compensation expense associated with stock options and other forms of equity compensation in accordance with ASC 718. The Company may issue incentive awards, including performance-based awards, in the form of stock options, restricted shares and other equity awards to employees, non-employee directors and other service providers. The Company recognizes expense for the majority of its stock-based compensation based on the fair value of the awards that are granted. For awards granted to non-employee directors, expense is recognized based on the fair value of the award at the end of a reporting period. For performance-based awards granted to certain members of senior management, the Company recognizes expense after assessing the probability of the achievement of certain financial metrics on a periodic basis. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated at the date of grant based on historical experience and future expectations. Measured compensation cost is recognized ratably over the requisite service period of the entire related stock-based compensation award. Foreign Currency Translation The Company’s Canadian operations use the Canadian dollar as the functional currency. Assets and liabilities are translated at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average monthly exchange rates during the year. Resulting translation adjustments are recorded as a component of accumulated other comprehensive income on the consolidated balance sheets. Income Taxes Income taxes are accounted for in accordance with ASC 740 (“ASC 740”). Income taxes are provided for under the asset and liability method and consider differences between the tax and financial accounting bases. The tax effects of these differences are reflected on the consolidated balance sheets as deferred income taxes and measured using the effective tax rate expected to be in effect when the differences reverse. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of the deferred tax asset will not be realized. In evaluating the need for a valuation allowance, the Company takes into account various factors, including the nature, frequency and severity of current and cumulative losses, expected level of future taxable income, the duration of statutory carryforward periods and tax planning alternatives. In future periods, any valuation allowance will be re-evaluated in accordance with ASC 740, and a change, if required, will be recorded through income tax expense in the period such determination is made. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of its position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company classifies interest and penalties related to income tax matters as a component of income tax expense. Net Income per Common Share Basic net income per common share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted net income per common share is determined by dividing net income by the weighted average number of common shares outstanding during the year, plus the dilutive effect of common stock equivalents, including stock options and restricted shares. Common stock and common stock equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options and release of restricted shares, except when the effect of their inclusion would be antidilutive. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update No. 2018‑15 (“ASU 2018‑15”), which provides guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract, as initially published in Accounting Standards Update No. 2015‑05, Intangibles—Goodwill and Other— Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. In summary, the new standard requires customers of cloud computing services to recognize an intangible asset for the software license and, to the extent that payments attributable to the software license are made over time, a liability is also recognized. The new standard also allows customers of cloud computing services to capitalize certain implementation costs. The amendments in ASU 2018‑15 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted the new standard as of the beginning of the fourth quarter of 2019. The adoption of this standard did not have a material impact on the Company’s results of operations or cash flows. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment [Abstract] | |
Property and Equipment | Note 2. Property and Equipment Property and equipment consisted of: December 31, 2019 2018 Land $ 4,937 $ 4,937 Building 44,395 44,319 Property and Equipment 57,047 53,411 Computer Software and Hardware 51,437 54,375 Leasehold Improvement 54,139 46,297 Assets under Construction 1,549 767 213,504 204,106 Less: Accumulated Depreciation and Amortization 114,771 110,417 Property and Equipment, net $ 98,733 $ 93,689 As of December 31, 2019 and 2018, the Company had cumulatively capitalized $4 2 million and $ 40 million of computer software costs, respectively. Amortization expense related to these assets was $ 4.6 million , $ 4.3 million and $3 .9 million for 2019, 2018 and 2017, respectively. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
Other Liabilities | Note 3. Other Liabilities Other long-term liabilities consisted of: December 31, 2019 2018 Antidumping and Countervailing Duties Accrual, Including Accrued Interest $ 12,795 $ 11,456 Deferred Rent — 4,850 Lease Incentive Obligation — 2,864 Other 962 1,033 Other Long Term Liabilities $ 13,757 $ 20,203 |
Credit Agreement
Credit Agreement | 12 Months Ended |
Dec. 31, 2019 | |
Credit Agreement | |
Credit Agreement | Note 4. Credit Agreement On March 29, 2019, the Company entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. and Wells Fargo Bank, National Association (the “Lenders”). The Credit Agreement amended and restated the Third Amended and Restated Revolving Credit Agreement (the “Prior Agreement”). Under the Credit Agreement, the Lenders increased the maximum amount of borrowings under the revolving credit facility (the “Revolving Credit Facility”) from $150 million under the Prior Agreement to $175 million and added a new first in-last out $25 million term loan (the “FILO Term Loan”) for a total of $200 million, subject to the borrowing bases described below. The Company also has the option to increase the Revolving Credit Facility to a maximum total amount of $225 million, subject to the satisfaction of the conditions to such increase as specified in the Credit Agreement. As of December 31, 2019, a total of $57 million was outstanding under the Revolving Credit Facility and $25 million was outstanding under the FILO Term Loan. As of December 31, 2019, there was $102 million of availability under the Revolving Credit Facility. The Company also had $3.9 million in letters of credit which factor into its remaining availability. The Revolving Credit Facility and the FILO Term Loan mature on March 29, 2024, and are secured by security interests in the Collateral (as defined in the Credit Agreement), which includes substantially all assets of the Company including, among other things, the Company’s inventory and accounts receivables, and the Company’s East Coast distribution center located in Sandston, Virginia. Under the terms of the Credit Agreement, the Company has the ability to release the East Coast distribution center from the Collateral under certain conditions. The Revolving Credit Facility is available to the Company up to the lesser of (1) $175 million or (2) a revolving borrowing base equal to the sum of specified percentages of the Borrowers’ eligible credit card receivables, eligible inventory (including eligible in-transit inventory) and eligible owned real estate, less certain reserves, all of which are defined by the terms of the Credit Agreement (the “Revolving Borrowing Base”). If the outstanding FILO Term Loan exceeds the FILO Borrowing Base (as defined in the Credit Agreement), then the amount of such excess reduces availability under the Revolving Borrowing Base. Loans outstanding under the Credit Agreement can bear interest based on the Base Rate (as defined in the Credit Agreement) or the LIBOR Rate (as defined in the Credit Agreement). Interest on Base Rate loans is charged at varying per annum rates computed by applying a margin ranging from (i) 0.25% to 0.75% over the Base Rate with respect to revolving loans and (ii) 1.25% to 2.00% over the Base Rate with respect to the FILO Term Loan, in each case depending on the Borrowers’ average daily excess borrowing availability under the Revolving Credit Facility during the most recently completed fiscal quarter. Interest on LIBOR Rate loans and fees for standby letters of credit are charged at varying per annum rates computed by applying a margin ranging from (i) 1.25% to 1.75% over the applicable LIBOR Rate with respect to revolving loans and (ii) 2.25% to 3.00% over the applicable LIBOR Rate with respect to the FILO Term Loan, in each case depending on the Company’s average daily excess borrowing availability under the Revolving Credit Facility during the most recently completed fiscal quarter. At December 31, 2019, the Company’s Revolving Credit Facility carried an average interest rate of 3.90% and the FILO Term Loan carried an interest rate of 4.75%. The Credit Agreement contains a fixed charge coverage ratio covenant that becomes effective only when specified availability under the Revolving Credit Facility falls below the greater of $17.5 million or 10% of the Combined Loan Cap (as defined in the Credit Agreement). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Leases | Note 5. Leases The Company has operating leases for its stores, corporate headquarters in Richmond, Virginia, its distribution center on the west coast, supplemental office facilities and certain equipment. The store location leases generally have five-year base periods with one or more five-year renewal periods. The corporate headquarters in Richmond, Virginia has base terms running through December 31, 2029. The supplemental office facility in Richmond, Virginia has base terms running through November 30, 20 20 . The distribution center on the west coast has base terms running through October 31, 2024. Total rent expense was $3 7 million, $3 4 million and $ 33 million in 2019, 2018 and 2017, respectively. The cost components of the Company’s operating leases recorded in SG&A on the consolidated statement of operations were as follows for the periods shown: Year Ended December 31, 2019 Store Leases Other Leases Total Operating lease costs $ 32,759 $ 4,078 $ 36,837 Variable lease costs 8,381 1,007 9,388 Total $ 41,140 $ 5,085 $ 46,225 Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities, which are paid as incurred. Other information related to leases were as follows: Year Ended December 31, 2019 Store Leases Other Leases Total Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 33,590 $ 4,252 $ 37,842 Right-of-use assets obtained or modified in exchange for operating lease obligations $ 25,745 $ 9,828 $ 35,573 Weighted Average Remaining Lease Term (years) Weighted Average Discount Rate % % % At December 31, 2019, the future minimum rental payments under non-cancellable operating leases were as follows: Operating Leases Total Other Operating Store Leases Leases Leases 2020 $ 33,752 4,103 $ 37,855 2021 28,460 3,663 32,123 2022 22,508 3,656 26,164 2023 16,554 3,733 20,287 2024 9,853 3,593 13,446 Thereafter 14,443 8,240 22,683 Total minimum lease payments 125,570 26,988 152,558 Less imputed interest (15,900) (4,855) (20,755) Total $ 109,670 $ 22,133 $ 131,803 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 6. Stockholders’ Equity Net Income per Common Share The following table sets forth the computation of basic and diluted net income per common share: Year Ended December 31, 2019 2018 2017 Net Income (Loss) $ 9,663 $ (54,379) $ (37,823) Weighted Average Common Shares Outstanding—Basic 28,689 28,571 28,407 Effect of Dilutive Securities: Common Stock Equivalents 104 — — Weighted Average Common Shares Outstanding—Diluted 28,793 28,571 28,407 Net Income (Loss) per Common Share—Basic $ 0.34 $ (1.90) $ (1.33) Net Income (Loss) per Common Share—Diluted $ 0.34 $ (1.90) $ (1.33) The following have been excluded from the computation of Weighted Average Common Shares Outstanding—Diluted because the effect would be antidilutive: As of December 31, 2019 2018 2017 Stock Options 604 643 653 Restricted Shares 187 407 433 Stock Repurchase Program The Company’s board of directors has authorized the repurchase of up to $150 million of the Company’s common stock. At December 31, 2019, the Company had approximately $14.7 million remaining under this authorization. The Company did not purchase any shares under this program during the three-years ended December 31, 2019. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 7. Stock-Based Compensation Overview The Company has an equity incentive plan (the “Plan”) for employees, non-employee directors and other service providers from which the Company may grant stock options, restricted shares, stock appreciation rights (“SARs”) and other equity awards. The total number of shares of common stock authorized for issuance under the Plan is 7.8 million. As of December 31, 2019, 2. 5 million shares of common stock were available for future grants. Stock options granted under the Plan expire no later than ten years from the date of grant and the exercise price shall not be less than the fair market value of the shares on the date of grant. Vesting periods are assigned to stock options and restricted shares on a grant-by-grant basis at the discretion of the Board. The Company issues new shares of common stock upon exercise of stock options and vesting of restricted shares. The Company also maintains the Lumber Liquidators Holdings, Inc. Outside Directors Deferral Plan under which each of the Company’s non-employee directors has the opportunity to elect annually to defer certain fees until departure from the Board. A non-employee director may elect to defer up to 100% of his or her fees and have such fees invested in deferred stock units. Deferred stock units must be settled in common stock upon the director’s departure from the Board. There were 158,283 and 132,348 deferred stock units outstanding at December 31, 2019 and 2018, respectively. Stock Options The following table summarizes activity related to stock options: Remaining Weighted Average Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Balance, December 31, 2016 835,614 $ 24.86 7.5 $ 1,167 Granted 127,984 22.09 Exercised (87,955) 15.31 Forfeited (185,975) 25.62 Balance, December 31, 2017 689,668 $ 25.31 7.7 $ 8,530 Granted 215,297 20.54 Exercised (43,510) 17.70 Forfeited (128,870) 33.25 Balance, December 31, 2018 732,585 $ 22.97 7.3 $ — Granted 110,535 8.47 Forfeited (149,657) 25.16 Balance, December 31, 2019 693,463 $ 20.18 7.1 $ 144 Exercisable at December 31, 2019 361,974 $ 24.43 $ — Vested and expected to vest December 31, 2019 693,463 $ 20.18 $ 144 The aggregate intrinsic value is the difference between the exercise price and the closing price of the Company’s common stock on December 31. There were no stock options exercised during 2019. The intrinsic value of stock options exercised during 2018 and 2017 was $0.3 million and $0.8 million, respectively. As of December 31, 2019, total unrecognized compensation cost related to unvested options was approximately $ 1.5 million , net of estimated forfeitures, which is expected to be recognized over a weighted average period of approximately 2.2 years. The fair value of each stock option award is estimated by management on the date of the grant using the Black-Scholes-Merton option pricing model. The weighted average fair value of options granted during 2019, 2018 and 2017 was $4.32, $10.69 and $11.20, respectively. The following are the average assumptions for the periods noted: Year Ended December 31, 2019 2018 2017 Expected dividend rate — % — % — % Expected stock price volatility 55 % 55 % 55 % Risk-free interest rate 2.1 % 2.8 % 1.7 % Expected term of options 5.5 years 5.5 years 5.5 years The expected stock price volatility is based on the historical volatility of the Company’s stock price. The volatilities are estimated for a period of time equal to the expected term of the related option. The risk-free interest rate is based on the implied yield of U.S. Treasury zero-coupon issues with an equivalent remaining term. The expected term of the options represents the estimated period of time until exercise and is determined by considering the contractual terms, vesting schedule and expectations of future employee behavior. Restricted Shares The following table summarizes activity related to restricted shares: Weighted Average Grant Date Fair Shares Value Nonvested, December 31, 2016 586,187 $ 17.71 Granted 207,196 19.56 Released (205,349) 18.31 Forfeited (108,288) 15.68 Nonvested, December 31, 2017 479,746 $ 18.71 Granted 224,835 22.39 Released (137,064) 18.67 Forfeited (80,305) 17.98 Nonvested, December 31, 2018 487,212 $ 20.54 Granted 661,784 10.35 Released (130,721) 11.09 Forfeited (107,309) 14.71 Nonvested, December 31, 2019 910,966 $ 15.18 The fair value of restricted shares released during 2019, 2018 and 2017 was $ 1.5 million , $2.9 million and $5 .2 million , respectively. As of December 31, 2019, total unrecognized compensation cost related to unvested restricted shares was approximately $5.1 million, net of estimated forfeitures, which is expected to be recognized over a weighted average period of approximately 2. 4 years. During 2019, the Company granted 100,281 shares of performance-based restricted stock awards, vesting over a three-year period, with a grant date fair value of approximately $ 1.1 million. These shares were awarded to certain members of senior management in connection with the achievement of specific key financial metrics measured over a two-year period and vest over a three-year period. The number of awards that will ultimately vest is contingent upon the achievement of these key financial metrics by the end of year two. The Company assesses the probability of achieving these metrics on a quarterly basis. For these awards, the Company recognizes the fair value expense ratably over the performance and vesting period. Once these amounts have been determined, half of the shares will vest at the end of year two and the remaining half will vest at the end of year three. These awards are included above in RSAs Granted. Stock Appreciation Rights The following table summarizes activity related to SARs: Remaining Weighted Average Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Balance, December 31, 2016 28,668 $ 32.63 7.5 $ 6 Granted 2,899 17.39 Exercised (165) 24.35 Forfeited (14,852) 45.93 Balance, December 31, 2017 16,550 $ 18.10 8.6 $ 251 Granted 1,738 23.31 Exercised — — Forfeited (335) 86.16 Balance, December 31, 2018 17,953 $ 17.33 7.8 $ — Granted — — Exercised — — Forfeited (17,708) 16.44 Balance, December 31, 2019 245 $ 82.08 3.4 $ — Exercisable at December 31, 2019 245 $ 82.08 3.4 $ — The fair value method, estimated by management using the Black-Scholes-Merton option pricing model, is used to recognize compensation cost associated with SARs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | Note 8. Income Taxes The components of income (loss) before income taxes were as follows: Year Ended December 31, 2019 2018 2017 United States $ 13,830 $ (52,473) $ (38,258) Foreign (878) (927) (299) Total Income (Loss) before Income Taxes $ 12,952 $ (53,400) $ (38,557) The expense (benefit) for income taxes consisted of the following: Year Ended December 31, 2019 2018 2017 Current Federal $ 2,550 $ — $ 2,254 State 1,015 607 146 Foreign 90 132 112 Total Current 3,655 739 2,512 Deferred Federal (203) 140 (2,087) State (163) 100 (1,159) Total Deferred (366) 240 (3,246) Income Tax Expense (Benefit) $ 3,289 $ 979 $ (734) Tax expense in the amount of $0.5 million and $0.2 million was recognized as a component of income tax expense during 2019 and 2018, respectively, resulting from the exercise of stock options and the release of restricted shares. Prior to the adoption of Accounting Standards Update No. 2016-09, which amends ASC Topic 718, Compensation – Stock Compensation , in 2017, excess tax benefits and shortfalls were recognized as adjustments to additional paid-in capital. Year Ended December 31, 2019 2018 2017 Income Tax Expense (Benefit) at Federal Statutory Rate $ 2,720 21.0 % $ (11,214) 21.0 % $ (13,495) 35.0 % Increases (Decreases): State Income Taxes, Net of Federal Income Tax Benefit 425 3.3 % 723 (1.3) % (740) 1.9 % Valuation Allowance 668 5.2 % 3,897 (7.3) % 3,826 (10.0) % Foreign Operations 90 0.7 % 132 (0.3) % 221 (0.5) % Uncertain Tax Positions 174 1.3 % 2,919 (5.5) % — — % Non-Deductible Fines and Penalties 6 — % 4,011 (7.5) % 1,156 (3.0) % Federal Rate Change — — % — — % 8,088 (21.0) % Other (794) (6.1) % 511 (0.9) % 210 (0.5) % Income Tax Expense (Benefit) $ 3,289 25.4 % $ 979 (1.8) % $ (734) 1.9 % The tax effects of temporary differences that result in significant portions of the deferred tax accounts based on a 21% federal rate in both 2019 and 2018, are as follows: December 31, 2019 2018 Deferred Tax Liabilities: Operating Lease Right-of-Use Assets $ (31,804) $ — Depreciation and Amortization and Other (9,676) (10,672) Total Gross Deferred Tax Liabilities (41,480) (10,672) Deferred Tax Assets: Operating Lease Liabilities 34,419 — Stock-Based Compensation Expense 2,611 2,348 Legal Settlement Reserves 11,774 14,251 Other Accruals and Reserves 5,054 4,811 Employee Benefits 1,169 1,018 Inventory Reserves 1,311 1,896 Inventory Capitalization 3,194 3,492 Foreign Net Operating Loss Carryforwards 3,341 3,153 Net Operating Loss Carryforwards 2,444 2,445 Capital Loss Carryforwards and Other 2,724 2,784 Total Gross Deferred Tax Assets 68,041 36,198 Less: Valuation Allowance (26,986) (26,318) Total Net Deferred Tax Assets 41,055 9,880 Net Deferred Tax Liability $ (425) $ (792) The Tax Cuts and Jobs Act (the “Tax Act”) was enacted in the fourth quarter of 2017. Generally, the Tax Act became effective in 2018, and it altered the deductibility of certain items (e.g., certain compensation, interest, entertainment expenses), and allowed qualifying capital expenditures to be deducted fully in the year of purchase. As of December 31, 2018, the Company completed the analysis of the tax effects of the Tax Act based on guidance issued to-date and has reflected all applicable changes in its financial statements. The Company continues to monitor developments by federal and state rulemaking authorities regarding tax law changes and recognizes the impact of these law changes in the period in which they are enacted. For 2019 and 2018, the Company’s U.S. operations were in a cumulative loss position. As such, the Company has recorded a valuation allowance on its net deferred tax assets. The valuation allowance increased by $1.1 million and $ 4.7 million for the years ended December 31, 2019 and 2018, respectively. In future periods, the allowance could be reduced if sufficient evidence exists indicating that it is more likely than not that a portion or all of these deferred tax assets will be realized. For 2019 and 2018, the Company’s Canadian operations were in a cumulative loss position. As such, the Company has recorded a full valuation allowance on the net deferred tax assets in Canada. The valuation allowance decreased by $0.4 million and increased by $ 0.2 million for the years ended December 31, 2019 and 2018, respectively. In future periods, the allowance could be reduced if sufficient evidence exists indicating that it is more likely than not that a portion or all of these deferred tax assets will be realized. As of December 31, 2019, a full valuation allowance has been provided against certain deferred tax assets as it is presently deemed more likely than not that the benefit of such net tax assets will not be utilized. Due to recent cumulative losses, the Company did not rely upon projections of future taxable income in assessing the recoverability of deferred tax assets. In future periods, a reduction in the valuation allowance could result in a significant decrease in income tax expense in the period that the release is recorded. However, the exact timing and amount of any reduction in our valuation allowance are unknown at this time and will be subject to the earnings level we achieve in future periods. As of December 31, 2019, the Company had no remaining U.S. federal net operating loss carryforward. As of December 31, 2018, the Company had a U.S. federal net operating loss carryforward of $12 million. As of December 31, 2019 and 2018, respectively, the Company had state net loss carryforwards of $39 million and $52 million, which begin to expire in 2022. The Company had foreign net operating loss carryforwards of $12 million at December 31, 2019 and 2018, which begin to expire in 2030 . The Company paid income taxes (net of refunds) of $0.2 million in 2019. The Company received income tax refunds (net of payments) of $0.1 million and $29 million in 2018 and 2017, respectively . As of December 31, 2019 and 2018, the Company had $0.2 million and $3.6 million, respectively of gross unrecognized tax benefits related to Uncertain Tax Positions ($0.2 million and $3.5 million, respectively, net of federal tax benefit). It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain of the uncertain tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change in uncertain tax positions to have a significant effect on its results of operations, financial position or cash flows . A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows: Year Ended December 31, 2019 2018 Balance at beginning of year $ 3,610 $ 27 Increases for tax positions related to current year 174 3,583 (Decreases) Increases for tax positions related to prior years (3,443) — Settlements (116) — Balance at end of year $ 225 $ 3,610 Included in the additions of unrecognized tax benefits in the fiscal year ended December 31, 2019, is approximately $0.2 million for an uncertain tax position related to state income taxes . The Company files income tax returns with the U.S. federal government and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities. As of December 31, 2019, the Internal Revenue Service has completed audits of the Company’s income tax returns through 2016. |
401(K) Plan
401(K) Plan | 12 Months Ended |
Dec. 31, 2019 | |
401(K) Plan [Abstract] | |
401(K) Plan | Note 9. 401(k) Plan The Company maintains a plan, qualified under Section 401(k) of the Internal Revenue Code, for all eligible employees. Employees are eligible to participate following the completion of three months of service and attainment of age 21. The plan is a safe harbor plan, with company matching contributions of 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions. Both deferrals and Roth contributions are allowed up to 50% of an employee’s eligible compensation, subject to annual IRS limits. Additionally, employees are immediately 100% vested in the Company’s matching contributions. The Company’s matching contributions, included in SG&A expenses, totaled $2 .8 million , $2 .6 million and $2 .3 million in 2019, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies The Company has been actively resolving various legal and other matters that have arisen in recent years. Certain other matters remain outstanding. More detailed discussion of many of the matters noted below are included in this Form 10‑K under the caption “Item 3 Legal Proceedings.” 2019, 2018 and 2017 Settlements and Resolutions During 2019, 2018 and 2017, the Company recorded accruals in accordance with GAAP related to several legal matters. These include: 2019 2018 2017 Employee Classification Litigation Governmental Investigations Formaldehyde-Abrasion MDLs Litigation Related to Bamboo Governmental Investigations: DOJ Deferred Prosecution Agreement and SEC Resolution Beginning in 2015, the Company received subpoenas in connection with a criminal investigation conducted by the DOJ and the SEC. The focus of the investigations related to compliance with disclosure and financial reporting and requirements under the federal securities laws. The Company cooperated with the investigations and produced documents and other information responsive to subpoenas and other requests. In March of 2019, prior to filing its December 31, 2018 Form 10-K, the Company reached an agreement with the U.S. Attorney, the DOJ and SEC regarding the investigation (the “Settlement Agreements”). The Company entered into a Deferred Prosecution Agreement (“DPA”) with the U.S. Attorney and the DOJ and a Cease-and-Desist Order (the “Order”) with the SEC, under which, among other things, the Company (1) paid a fine in the amount of $19.1 million to the United States Treasury, (2) forfeited to the U.S. Attorney and the DOJ the sum of $13.9 million, of which up to $6.1 million was submitted by the Company to the SEC in disgorgement and prejudgment interest under the Order and (3) is required to adopt a new compliance program, or modify its existing one, including internal controls, compliance policies, and procedures in order to ensure that the Company maintains an effective system of internal account controls designed to ensure the making and keeping of fair and accurate books, records and accounts, as well as a compliance program designed to prevent and detect violations of certain federal securities laws throughout its operations. The Settlement Agreements also provide that the Company will continue to cooperate with the U.S. Attorney, the DOJ and the SEC in all matters relating to the conduct described in the Settlement Agreements and, at the request of the U.S. Attorney, the DOJ or the SEC, the Company will cooperate fully with other domestic or foreign law enforcement authorities and agencies in any investigation of the Company in any and all matters relating to the Settlement Agreements. In the event the Company breaches the DPA, there is a risk the government would seek to impose remedies provided for in the DPA, including instituting criminal prosecution against the Company. The Company accrued a charge of $33 million within selling, general and administrative (SG&A) expenses in its December 31, 2018 financial statements, reflecting the amounts owed under the Settlement Agreements. During the second quarter of 2019, the Company remitted $33 million due to the applicable governmental parties and relieved the applicable portion of the liability in the caption “Accrual for Legal Matters and Settlements Current” on its balance sheet. Litigation Relating to Bamboo Flooring In 2014, Dana Gold (“Gold”) filed a purported class action lawsuit alleging that certain bamboo flooring that the Company sells (the “Strand Bamboo Product”) is defective (the “Gold Litigation”). The plaintiffs sought financial damages and, in addition to attorneys’ fees and costs, the plaintiffs wanted a declaration that the Company’s actions violated the law. On September 30, 2019, the parties finalized a settlement agreement that is consistent with the terms of the Memorandum of Understanding previously disclosed by the Company, which would resolve the Gold Litigation on a nationwide basis. Under the terms of the settlement agreement, the Company will contribute $14 million in cash (the “Gold Cash Payment”) and provide $14 million in store-credit vouchers, with a potential additional $2 million in store-credit vouchers based on obtaining a claim’s percentage of more than 7%, for an aggregate settlement of up to $30 million. The settlement agreement makes clear that the settlement does not constitute or include an admission by the Company of any fault or liability and the Company does not admit any fault, wrongdoing or liability. On December 18, 2019, the court issued an order that, among other things, granted preliminary approval of the settlement agreement. Following the preliminary approval, and pursuant to the terms of the settlement agreement, in December 2019, the Company paid $1 million for settlement of administrative costs, which is part of the Gold Cash Payment, to the plaintiff’s settlement escrow account. A Final Approval and Settlement Hearing is currently scheduled for September 24, 2020. The settlement agreement is subject to certain contingencies, including court approval. There can be no assurance that a settlement will be finalized and approved by the court at the Final Approval and Settlement Hearing or as to the ultimate outcome of the litigation. If a final, court approved settlement is not reached, the Company will defend the matter vigorously and believes there are meritorious defenses and legal standards that must be met for, among other things, success on the merits. The Company has notified its insurance carriers and continues to pursue coverage, but the insurers to date have denied coverage. As the insurance claim is still pending, the Company has not recognized any insurance recovery related to the Gold Litigation. The Company recognized a charge to earnings of $28 million within selling, general and administrative expense during the fourth quarter of 2018 as its loss became probable and estimable with the offset in the caption “Accrual for Legal Matters and Settlements Current” on its consolidated balance sheet related to this settlement as of December 31, 2018. If the settlement agreement is not approved by the court or the Company incurs additional losses with respect to the Bamboo Flooring Litigation (as defined below), the actual losses that may result from these actions may exceed this amount. Any such losses could, potentially, have a material adverse effect, individually or collectively, on the Company’s results of operations, financial condition and liquidity. In addition, there are a number of individual claims and lawsuits alleging damages involving Strand Bamboo Product (the “Bamboo Flooring Litigation”). While the Company believes that a loss associated with the Bamboo Flooring Litigation is reasonably possible, the Company is unable to reasonably estimate the amount or range of possible loss. Any such losses could, potentially, have a material adverse effect, individually or collectively, on the Company’s results of operations, financial condition and liquidity. The Company disputes the claims in the Bamboo Flooring Litigation and intends to defend such matters vigorously. Litigation Relating to Chinese Laminates Formaldehyde-Abrasion MDLs On March 15, 2018, the Company entered into a settlement agreement with the lead plaintiffs in the Formaldehyde MDL (as defined in Item 3 of this Form 10-K) and Abrasion MDL (as defined in Item 3 of this Form 10-K), cases more fully described in Item 3 of this Annual Report on Form 10-K. Under the terms of the settlement agreement, the Company agreed to fund $22 million in cash and provide $14 million in store-credit vouchers for an aggregate settlement of $36 million to settle claims brought on behalf of purchasers of Chinese-made laminate flooring sold by the Company between January 1, 2009 and May 31, 2015. The Company deposited $22 million into an escrow account administered by the court and plaintiffs’ counsel in accordance with the final settlement. The final approval order by the United States District Court for the Eastern District of Virginia has been appealed and is pending. The Company does not anticipate any change to its obligations, but must wait until the appeals are adjudicated or withdrawn. If the appeals were to result in the settlement being set aside, the Company would receive $21.5 million back from the escrow agent. Accordingly, the Company has accounted for the payment of $21.5 million as a deposit in the accompanying consolidated financial statements. While insurance carriers initially denied coverage with respect to the Formaldehyde MDL and Abrasion MDL, the Company continues to pursue recoveries that the Company believes are appropriate. The $36 million aggregate settlement amount was accrued within SG&A expenses in 2017. For approximately three years after a final ruling has been reached in this matter, plaintiffs will be able to redeem vouchers for product. Some of the states have alternative expiration dates while others have an indefinite amount of time to redeem vouchers. The Company will account for the sales of these products by relieving the relevant liability, reducing inventory used in the transaction and offsetting SG&A expenses for any profit. The Company does not know the timing or pace of voucher redemption. In addition to those purchasers who opted out of the above settlement (the “Opt Outs”), there are a number of individual claims and lawsuits alleging personal injuries, breach of warranty claims, or violation of state consumer protection statutes that remain pending (collectively, the “Related Laminate Matters”). Certain of these Related Laminate Matters were settled in 2019 and 2018, while some remain in settlement negotiations. The Company recognized charges to earnings of $ 1.8 million and $3 million for the years ended December 31, 2019 and 2018, respectively, within SG&A expenses for these Remaining Laminate Matters. As of December 31, 2019, the remaining accrual related to these matters is $ 0.1 million, which has been included in the Accrual for Legal Settlements on the Consolidated Balance Sheet. While the Company believes that a further loss associated with the Opt Outs and Related Laminate Matters is reasonably possible, the Company is unable to reasonably estimate the amount or range of possible loss beyond what has been provided. If the Company incurs losses with the respect to the Opt Outs or further losses with respect to Related Laminate Matters, the ultimate resolution of these actions could have a material adverse effect on the Company’s results of operations, financial condition, and liquidity. Canadian Litigation On or about April 1, 2015, Sarah Steele (“Steele”) filed a purported class action lawsuit in the Ontario, Canada Superior Court of Justice against the Company. In the complaint, Steele’s allegations include strict liability, breach of implied warranty of fitness for a particular purpose, breach of implied warranty of merchantability, fraud by concealment, civil negligence, negligent misrepresentation and breach of implied covenant of good faith and fair dealing relating to the Company’s Chinese-manufactured laminate flooring products. Steele did not quantify any alleged damages in her complaint, but seeks compensatory damages, punitive, exemplary and aggravated damages, statutory remedies, attorneys’ fees and costs. While the Company believes that a further loss associated with the Steele litigation is possible, the Company is unable to reasonably estimate the amount or range of possible loss . Lacey Act Related Matters On October 7, 2015, the Company reached a settlement with the Department of Justice (DOJ) with respect to its allegations of violations of the Lacey Act in its importation of certain wood flooring products and the court entered final judgment on February 3, 2016. In connection with this settlement the Company agreed to pay a total of $10 million in fines, community service payments and forfeited proceeds and is subject to a five-year probation period and implemented the Lacey Compliance Plan. The Company has paid the settlement amount including the remaining $1.8 million in the first quarter of 2018. In addition, the Company reached a settlement with the DOJ and paid $3.2 million with respect to certain engineered hardwood flooring determined by the Company to have Lacey Act compliance concerns. Employment Cases Mason Lawsuit In August 2017, Ashleigh Mason, Dan Morse, Ryan Carroll and Osagie Ehigie filed a purported class action lawsuit in the United States District Court for the Eastern District of New York on behalf of all current and former store managers, store managers in training, installation sales managers and similarly situated current and former employees (collectively, the “Mason Putative Class Employees”) alleging that the Company violated the Fair Labor Standards Act (“FLSA”) and New York Labor Law (“NYLL”) by classifying the Mason Putative Class Employees as exempt. The alleged violations include failure to pay for overtime work. The plaintiffs sought certification of the Mason Putative Class Employees for (i) a collective action covering the period beginning three years prior to the filing of the complaint (plus a tolling period) through the disposition of this action for the Mason Putative Class Employees nationwide in connection with FLSA and (ii) a class action covering the period beginning six years prior to the filing of the complaint (plus a tolling period) through the disposition of this action for members of the Mason Putative Class Employees who currently are or were employed in New York in connection with NYLL. The plaintiffs did not quantify any alleged damages but, in addition to attorneys’ fees and costs, the plaintiffs seek class certification, unspecified amounts for unpaid wages and overtime wages, liquidated and/or punitive damages, declaratory relief, restitution, statutory penalties, injunctive relief and other damages. In November 2018, the plaintiffs filed a motion requesting conditional certification for all store managers and store managers in training who worked within the federal statute of limitations period. In May 2019, the magistrate judge granted the plaintiffs’ motion for conditional certification. The litigation is in the discovery stage, which currently closes in May 2020. The Company disputes the Mason Putative Class Employees’ claims and intends to defend the matter vigorously. Given the uncertainty of litigation, the preliminary stage of the case and the legal standards that must be met for, among other things, class certification and success on the merits, the Company cannot estimate the reasonably possible loss or range of loss, if any, that may result from this action and therefore no accrual has been made related to this. Any such losses could, potentially, have a material adverse effect, individually or collectively, on the Company’s results of operations, financial condition and liquidity. Kramer Lawsuit In November 2017, Robert J. Kramer, on behalf of himself and all others similarly situated (collectively, the “Kramer Plaintiffs”) filed a purported class action lawsuit in the Superior Court of California, County of Sacramento on behalf of all current and former store managers, all others with similar job functions and/or titles and all current and former employees classified as non-exempt or incorrectly classified as exempt and who worked for the Company in the State of California (collectively, the “CSM Employees”) alleging violation of the California Labor Code including, among other items, failure to pay wages and overtime and engaging in unfair business practices (the “Kramer matter”). The Kramer Plaintiffs seek certification of the CSM Employees for a class action covering the prior four-year period prior to the filing of the complaint through the disposition of this action for the CSM Employees who currently are or were employed in California (the “California SM Class”). On or about February 19, 2019, the Kramer Plaintiffs filed a first amended complaint adding a claim for penalties under the California Private Attorney General Act for the same substantive alleged violations asserted in the complaint. The Kramer Plaintiffs did not quantify any alleged damages but, in addition to attorneys’ fees and costs, the Kramer Plaintiffs seek unspecified amounts for unpaid wages and overtime wages, liquidated and/or punitive damages, declaratory relief, restitution, statutory penalties, injunctive relief and other damages. On September 9, 2019, the Company entered into an agreement to settle the Kramer matter, consistent with the terms of the Memorandum of Understanding previously disclosed by the Company. Under the terms of the settlement agreement, the Company will pay $4.75 million to settle the claims asserted in the Kramer matter (or which could have been asserted in the Kramer matter) on behalf of all current and/or former store managers and store managers in training employed by the Company at any time between November 17, 2013 and September 19, 2019 . The settlement agreement was preliminarily approved by the court on September 19, 2019, and granted final approval on January 17, 2020. The Company recognized a net charge to earnings of approximately $4.75 million within SG&A expense in its second quarter 2019 financial statements. As of December 31, 2019, the remaining accrual related to this matter is $4.75 million, which is included on the balance sheet within the caption “Accrual for Legal Matters and Settlements- Current.” Antidumping and Countervailing Duties Investigation In October 2010, a conglomeration of domestic manufacturers of multilayered wood flooring (“Petitioners”) filed a petition seeking the imposition of antidumping (“AD”) and countervailing duties (“CVD”) with the United States Department of Commerce (“DOC”) and the United States International Trade Commission (“ITC”) against imports of multilayered wood flooring from China. This ruling applies to companies importing multilayered wood flooring from Chinese suppliers subject to the AD and CVD orders. The Company’s multilayered wood flooring imports from China accounted for approximately 6% and 7% of its flooring purchases in 2019 and 2018, respectively. The Company’s consistent view through the course of this matter has been, and remains, that its imports are neither dumped nor subsidized. As such, it has appealed the original imposition of AD and CVD fees. As part of its processes in these proceedings, the DOC conducts annual reviews of the AD and CVD rates. In such cases, the DOC will issue preliminary rates that are not binding and are subject to comment by interested parties. After consideration of the comments received, the DOC will issue final rates for the applicable period, which may lag by a year or more. At the time of import, the Company makes deposits at the then prevailing rate, even while the annual review is in process. When rates are declared final by the DOC, the Company accrues a receivable or payable depending on where that final rate compares to the deposits it has made. The Company and/or the domestic manufacturers can appeal the final rate for any period and can place a hold on final settlement by U.S. Customs and Border Protection while the appeals are pending . In addition to its overall appeal of the imposition of AD and CVD, which is still pending, the Company as well as other involved parties have appealed many of the final rate determinations. Those appeals are pending and, at times, have resulted in delays in settling the shortfalls and refunds shown in the table below. Because of the length of time for finalization of rates as well as appeals, any subsequent adjustment of AD and CVD rates typically flows through a period different from those in which the inventory was originally purchased and/or sold. Results by period for the Company are shown below. The column labeled ‘December 31, 2019 Receivable/Liability Balance’ represents the amount the Company would receive or pay (net of any collections or payments) as the result of subsequent adjustment to rates whether due to finalization by the DOC or because of action of a court based on appeals by various parties. It does not include any initial amounts paid for AD or CVD in the current period at the in-effect rate at that time. The Company recorded net interest expense related to antidumping of $0.6 million for the year ended December 31, 2019, with the amount included in other expense on the Statements of Operations. The estimated associated interest payable and receivable for each period is not included in the table below and is included in the same financial statement line item on the Company’s consolidated balance sheet as the associated liability and receivable balance for each period. Review Rates at which December 31, 2019 Period Period Covered Company Final Rate Receivable/Liability Deposited Balance Antidumping 1 May 2011 through 6.78% and 3.3% 0.73% 1 $1.3 million November 2012 receivable 1 2 December 2012 through 3.30% 13.74% 2 $4.1 million November 2013 liability 3 December 2013 through 3.3% and 5.92% 17.37% $4.7 million November 2014 liability 4 December 2014 through 5.92% and 13.74% 0.00% Settled November 2015 5 December 2015 through 5.92%. 13.74%. and 17.37% 0.00% Settled November 2016 6 December 2016 through 17.37% and 0.00% 42.57% and 0.00% 3 $0.5 million receivable November 2017 $1.5 million liability 3 7 December 2017 through 0.00% Pending 4 NA November 2018 Included on the Consolidated Balance Sheet in Other Current Assets $0.5 million Included on the Consolidated Balance Sheet in Other Assets $1.3 million Included on the Consolidated Balance Sheet in Other Long-Term Liabilities $10.3 million Countervailing 1&2 April 2011 through 1.50% 0.83% / 0.99% $0.2 million December 2012 receivable 3 January 2013 through 1.50% 1.38% $0.05 million 4 January 2014 through 1.50% and 0.83% 1.06% $0.02 million 5 January 2015 through 0.83% and 0.99% Final at 0.11% and 0.85% 5 $0.07 million 5 6 January 2016 through 0.99% and 1.38% Final at 3.10% and 2.96% $0.04 million 6 7 January 2017 through 1.38% and 1.06% Pending 7 NA 8 January 2018 through 1.06% Pending NA Included on the Consolidated Balance Sheet in Other Current Assets $0.1 million Included on the Consolidated Balance Sheet in Other Assets $0.3 million Included on the Consolidated Balance Sheet in Other Current Liabilities $0.04 million 1 In the second quarter of 2018, the Court of International Trade sustained the DOC’s recommendation to reduce the rate for the first annual review period to 0.73% (from 5.92%). As a result, the Company reversed its $0.8 million liability and recorded a $1.3 million receivable with a corresponding reduction of cost of sales during the year ended December 31, 2018. 2 As a result of the remand from CIT, in June 2019 the DOC proposed to reduce the AD rate to 6.55% for the second annual review period. The CIT is expected to rule on the DOC’s remand during 2020. If the final ruling remains at 6.55% (from 13.74%), the Company’s liability of $4.1 million would decrease by $2.8 million to $1.3 million in the period in which the ruling is finalized. 3 In the third quarter of 2019, the DOC issued the final rates for the sixth annual review period at 42.57% and 0% depending on the vendor. As a result, the Company recorded a liability of $0.8 million with a corresponding reduction of cost of sales during the year ended December 31, 2019. The Company received payments during 2019 for its vendor with a final rate of 0% and the remaining balance of $0.5 million as of December 31, 2019 was included in other current assets on the consolidated balance sheet. The vendors with a final rate of 42.57% are under appeal and the balance of $1.5 million as of December 31, 2019 was included in other long-term liabilities on the consolidated balance sheet. 4 In January 2020, the DOC issued a preliminary rate of 0.0% for the seventh annual review period. 5 In the second quarter of 2018, the DOC issued the final rates for the fifth annual review period at 0.11% and 0.85% depending on the vendor. As a result, in the second quarter of 2018, the Company recorded a receivable of $0.07 million for deposits made at previous preliminary rates, with a corresponding reduction of cost of sales. 6 In the third quarter of 2019, the DOC issued the final rates for the sixth annual review period at 3.1% and 2.96% depending on the vendor. As a result, the Company recorded a liability of $0.4 million with a corresponding reduction of cost of sales during the year ended December 31, 2019. 7 In January 2020, the DOC issued a preliminary rate of 24.61% for the seventh annual review period. If the preliminary rates remains at 24.61%, the Company will record a liability of $2 million in the period in which the ruling is finalized. Other Matters The Company is also, from time to time, subject to claims and disputes arising in the normal course of business. In the opinion of management, while the outcome of any such claims and disputes cannot be predicted with certainty, its ultimate liability in connection with these matters is not expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information (unaudited) [Abstract] | |
Selected Quarterly Financial Information (unaudited) | Note 11. Selected Quarterly Financial Information (unaudited) The following tables present the Company’s unaudited quarterly results for 2019 and 2018. Quarter Ended March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Net Sales $ 266,220 $ 288,567 $ 263,961 $ 273,854 Gross Profit 93,611 102,487 95,674 111,914 Selling, General and Administrative Expenses 97,032 103,864 93,496 92,578 Operating (Loss) Income (3,421) (1,377) 2,178 19,336 Net (Loss) Income $ (4,924) $ (2,856) $ 1,045 $ 16,398 Net (Loss) Income per Common Share - Basic $ (0.17) $ (0.10) $ 0.04 $ 0.57 Net (Loss) Income per Common Share - Diluted $ (0.17) $ (0.10) $ 0.04 $ 0.57 Number of Stores Opened in Quarter, net — 2 4 — Comparable Store Net Sales (Decrease) Increase (0.8) % (0.1) % (3.6) % 0.4 % Quarter Ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Net Sales $ 261,772 $ 283,474 $ 270,469 $ 268,921 Gross Profit 94,972 101,310 100,682 95,976 Selling, General and Administrative Expenses 96,418 102,223 93,987 150,885 Operating (Loss) Income (1,446) (913) 6,695 (54,909) Net (Loss) Income $ (1,972) $ (1,454) $ 5,923 $ (56,876) Net (Loss) Income per Common Share - Basic $ (0.07) $ (0.05) $ 0.21 $ (1.99) Net (Loss) Income per Common Share - Diluted $ (0.07) $ (0.05) $ 0.21 $ (1.99) Number of Stores Opened in Quarter 5 8 3 4 Comparable Store Net Sales Increase 2.9 % 4.7 % 2.1 % 0.4 % |
Schedule II - Analysis of Valua
Schedule II - Analysis of Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Schedule II - Analysis of Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Analysis of Valuation and Qualifying Accounts | Lumber Liquidators Holdings, Inc. Schedule II – Analysis of Valuation and Qualifying Accounts For the Years Ended December 31, 2019, 2018 and 2017 (in thousands) Additions Balance Charged to Beginning Cost and Balance End of Year Expenses Deductions (1) Other of Year For the Year Ended December 31, 2017 Reserve deducted from assets to which it applies Inventory reserve for loss or obsolescence $ 7,070 $ 6,349 $ (7,788) $ — $ 5,631 Income tax valuation allowance $ 17,640 $ 3,936 (2) $ — $ — $ 21,576 For the Year Ended December 31, 2018 Reserve deducted from assets to which it applies Inventory reserve for loss or obsolescence $ 5,631 $ 3,108 $ (1,932) $ — $ 6,807 Income tax valuation allowance $ 21,576 $ 4,742 $ — $ — $ 26,318 For the Year Ended December 31, 2019 Reserve deducted from assets to which it applies Inventory reserve for loss or obsolescence $ 6,807 $ 1,888 $ (1,795) $ — $ 6,900 Income tax valuation allowance $ 26,318 $ 668 $ — $ — $ 26,986 1 Deductions are for the purposes for which the reserve was created. 2 Includes th e impact of the Tax Act, which was enacted on December 22, 2017. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Lumber Liquidators Holdings, Inc. and its direct and indirect subsidiaries (collectively and, where applicable, individually, the “Company”) engage in business as a multi-channel specialty retailer of hard-surface flooring, and hard-surface flooring enhancements and accessories, operating as a single operating segment. The Company offers an extensive assortment of exotic and domestic hardwood species, engineered hardwood, laminate, resilient vinyl, waterproof vinyl plank and porcelain tile flooring direct to the consumer. The Company features the renewable flooring products, bamboo and cork, and provides a wide selection of flooring enhancements and accessories, including moldings, noise-reducing underlayment, adhesives and flooring tools. The Company also provides in-home delivery and installation services to its customers. The Company sells primarily to homeowners or to contractors on behalf of homeowners through a network of store locations in metropolitan areas. The Company’s stores spanned 47 states in the United States (“U.S.”) and included eight stores in Canada at December 31, 2019. In addition to the store locations, the Company’s products may be ordered, and customer questions/concerns addressed, through both its customer relationship center in Richmond, Virginia, and its website, www.lumberliquidators.com. Until January 2019, the Company finished the majority of its Bellawood products on its finishing lines in Toano, Virginia, which along with the call center, corporate offices and a distribution center, represented the corporate headquarters until November 2019. In July of 2018, the Company announced its plan to sell its finishing line equipment to an unaffiliated third-party purchaser and to relocate its corporate headquarters to Richmond, Virginia, in 2019. The move of the corporate headquarters to Richmond, Virginia was completed as of November 2019. |
Organization and Basis of Financial Statement Presentation | Organization and Basis of Financial Statement Presentation The consolidated financial statements of Lumber Liquidators Holdings, Inc., a Delaware corporation, include the accounts of its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. During 2018, the Company recognized significant liabilities related to various legal and regulatory matters. While the payment of these liabilities in 2019, 2018, and 2017 has had, and is expected to have, a material adverse impact on the Company’s liquidity and cash flow from operations, the Company estimates that it has sufficient liquidity through amounts available under its Revolving Credit Facility and forecasted cash flows from operations to fund its working capital, including these legal and regulatory liabilities. The Company prepares its forecasted cash flow and liquidity estimates based on assumptions that it believes to be reasonable but are also inherently uncertain. Actual future cash flows could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company had cash and cash equivalents of $ 9 million and $1 2 million at December 31, 2019 and 2018, respectively. The Company considers all highly liquid investments with a maturity date of three months or less when purchased to be cash equivalents, of which there were zero at December 31, 2019 and 2018, respectively. The Company accepts a range of debit and credit cards, and these transactions are generally transmitted to a bank for reimbursement within 24 hours. The payments due from the banks for these debit and credit card transactions are generally received, or settled, within 24 to 48 hours of the transmission date. The Company considers all debit and credit card transactions that settle in less than seven days to be cash and cash equivalents. Amounts due from the banks for these transactions classified as cash equivalents totaled $ 6.5 million and $ 7.3 million at December 31, 2019 and 2018, respectively. |
Credit Programs | Credit Programs Credit is offered to the Company’s customers through a credit card, underwritten by a third-party financial institution and at no recourse to the Company. A credit line is offered to the Company’s professional customers through the Lumber Liquidators Commercial Credit Program. This commercial credit program is underwritten by a third-party financial institution, generally with no recourse to the Company. As part of the credit program, the Company’s customers may tender their Lumber Liquidators credit card to receive installation services. As of December 31, 2019, the Company utilized a network of associates to perform certain customer-facing, consultative services and coordinate the installation of its flooring products by third-party independent contractors in all of its stores. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of financial instruments such as cash and cash equivalents, accounts payable and other liabilities approximates fair value because of the short-term nature of these items. The carrying amount of obligations under its Credit Agreement approximates fair value due to the variable rate of interest. |
Merchandise Inventories | Merchandise Inventories The Company values merchandise inventories at the lower of cost or net realizable value. The method by which amounts are removed from inventory is weighted average cost. All of the hardwood flooring purchased from vendors is either prefinished or unfinished, and in immediate saleable form. The Company relies on a select group of international suppliers to provide imported flooring products that meet the Company’s specifications. In 2019, approximately 46% of the Company’s product was sourced from China. The Company is subject to near-term risks associated with obtaining products from abroad, including disruptions or delays in production, shipments, delivery or processing as a result of a pandemic, including the Coronavirus. The Company is developing contingency plans to minimize potential disruptions. Inventory cost includes the costs of bringing an article to its existing condition and location such as shipping and handling and import tariffs. Prior to the sale of the finishing line equipment in 2018, the Company would add the finish to, and box, various species of unfinished product, to produce certain proprietary products, primarily Bellawood. Any finishing and boxing costs were included in the average unit cost of related merchandise inventory. In addition, the Company maintains an inventory reserve for loss or obsolescence based on historical results and current sales trends. This reserve was $6.9 million and $6.8 million at December 31, 2019 and 2018, respectively. Included in merchandise inventories are tariff related costs, including Section 301 tariffs. In late 2019, the United States Trade Representative (“USTR”) ruled on a request made by certain interested parties, including the Company, and retroactively excluded certain flooring products imported from China from the Section 301 tariffs . The Company has recorded a $27 million receivable related to these tariffs in the caption “Tariff Recovery Receivable” on the Consolidated Balance Sheets and expects to receive payments by the end of 2020. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates potential impairment losses on long-lived assets and right-of-use assets used in operations when events and circumstances indicate that the assets may be impaired, and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. If impairment exists and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets, an impairment loss is recorded based on the difference between the carrying value and fair value of the assets. During 2018, the Company decided to exit the finishing business and entered into an agreement to sell this equipment to a third party, which altered the Company’s expectations of future cash flows from these long-lived assets. As a result, the Company tested certain long-lived assets for impairment and recorded a $1.8 million impairment charge within selling, general and administrative (“SG&A”) expenses in its accompanying consolidated statements of operations. The charge was measured as the difference between the fair value (Level 2 inputs under ASC 820) of the assets and the carrying value of the related net assets based on the contract to sell to a third party. The Company received $0.8 million in connection with this transaction during 2018 and had $1.0 million in assets held-for-sale, included in Other Current Assets on the Consolidated Balance Sheet as of December 31, 2018. During 2019, the Company received $0.9 million in connection with this transaction and had $0.1 million in assets held-for-sale included in Other Current Assets on the Consolidated Balance Sheet as of December 31, 2019. During 2017, the Company determined that the carrying value of certain assets that had once been part of a discontinued vertical integration strategy was above their fair value and recorded an impairment charge of $1.5 million within SG&A expenses in the consolidated statements of operations. The charge was measured as the difference between the fair value (Level 2 inputs under ASC-820) of the assets and the carrying value of the related net assets based on a contract to sell to a third party. |
Goodwill and Other Indefinite-Lived Intangibles | Goodwill and Other Indefinite-Lived Intangibles Goodwill represents the costs in excess of the fair value of net assets acquired associated with acquisitions by the Company. As of December 31, 2019 and 2018, other assets include $0.8 million for an indefinite-lived intangible asset for the phone number 1‑800‑HARDWOOD and related internet domain names. The Company evaluates these assets for impairment on an annual basis, or whenever events or changes in circumstance indicate that the asset carrying value exceeds its fair value . Based on the analysis performed, the Company has concluded that no impairment in the value of these assets has occurred. |
Self-Insurance | Self-Insurance The Company is self-insured for certain employee health benefit claims and for certain workers’ compensation claims. The Company estimates a liability for aggregate losses below stop-loss coverage limits based on estimates of the ultimate costs to be incurred to settle known claims and claims incurred but not reported as of the balance sheet date. The estimated liability is not discounted and is based on a number of assumptions and factors including historical and industry trends and economic conditions. This liability could be affected if future occurrences and claims differ from these assumptions and historical trends. As of December 31, 2019 and 2018, the Company had accruals of $2. 5 million and $2. 4 million, respectively, related to estimated claims included in other current liabilities. |
Recognition of Net Sales | Recognition of Net Sales In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“Topic 606”), Revenue from Contracts with Customers , which superseded the revenue recognition requirements in Topic 605, Revenue Recognition , including most industry-specific revenue recognition guidance. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and when control of those goods and services has passed to the customer. The Company adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method. However, because adoption of the standard did not change the timing or amount of the Company’s recognition of revenue and because the Company does not recognize revenues for partial contracts, there was no adjustment to retained earnings needed as part of the adoption of the new standard. The Company generates revenues primarily by retailing merchandise in the form of hard-surface and porcelain flooring and accessories. Additionally, the Company expands its revenues by offering services to deliver and/or install this merchandise for its customers; it considers these services to be separate performance obligations. The separate performance obligations are detailed on the customer’s invoice(s) and the customer often purchases flooring merchandise without purchasing installation or delivery services. Sales occur through a network of 41 9 stores, which spanned 47 states, including eight stores in Canada at December 31, 2019. In addition, both the merchandise and services can be ordered through a call center and from the Company’s website, www.lumberliquidators.com. The Company’s agreements with its customers are of short duration (less than a year), and as such the Company has elected not to disclose revenue for partially satisfied contracts that will be completed in the days following the end of a period as permitted by GAAP. The Company reports its revenues exclusive of sales taxes collected from customers and remitted to governmental taxing authorities, consistent with past practice. Revenue is based on consideration specified in a contract with a customer and excludes any sales incentives from vendors and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product to a customer or performing service for a customer. Revenues from installation and freight services are recognized when the delivery is made or the installation is complete, which approximates the recognition of revenue over time due to the short duration of service provided. The price of the Company’s merchandise and services is specified in the respective contract and detailed on the invoice agreed to with the customer including any discounts. The Company generally requires customers to pay a deposit, equal to approximately half of the retail sales value, when ordering merchandise not regularly carried in a given location or not currently in stock. In addition, the Company generally does not extend credit to its customers with payment due in full at the time the customer takes possession of merchandise or when the service is provided. Customer payments and deposits received in advance of the customer taking possession of the merchandise or receiving the services are recorded as deferred revenues in the accompanying consolidated balance sheet caption Customer Deposits and Store Credits. The following table shows the activity in this account for the periods noted: Year Ended December 31, 2019 2018 2017 Customer Deposits and Store Credits, Beginning Balance $ (40,332) $ (38,546) $ (32,639) New Deposits (1,163,691) (1,155,019) (1,101,841) Recognition of Revenue 1,092,602 1,084,636 1,028,933 Sales Tax included in Customer Deposits 67,029 67,125 66,028 Other 2,821 1,472 973 Customer Deposits and Store Credits, Ending Balance $ (41,571) $ (40,332) $ (38,546) Subject to limitations under the Company’s policy, return of unopened merchandise is accepted for 90 days. The amount of revenue recognized for flooring merchandise is adjusted for expected returns, which are estimated based on the Company’s historical data, current sales levels and forecasted economic trends. The Company uses the expected value method to estimate returns because it has a large number of contracts with similar characteristics. The Company previously recognized revenue in full, recorded an allowance for expected returns (contra-revenue) and recorded a separate refund liability for expected returns. The Company reduces revenue by the amount of expected returns and records it within Accrued Expenses and Other on the consolidated balance sheet. The Company continues to estimate the amount of returns based on the historical data. In addition, the Company recognizes a related asset for the right to recover returned merchandise and records it in the Other Current Assets caption of the accompanying consolidated balance sheet. This amount was $1.2 million at December 31, 2019 and 2018. The Company recognizes sales commissions as incurred since the amortization period is less than one year. We offer hundreds of different flooring products; however, no single flooring product represented a significant portion of our sales mix. By major product category, our sales mix was as follows: Year Ended December 31, 2019 2018 2017 Manufactured Products 1 $ 452,914 41 % $ 392,512 36 % $ 315,369 31 % Solid and Engineered Hardwood 319,582 29 % 367,026 34 % 423,301 41 % Moldings and Accessories and Other 183,545 17 % 196,411 18 % 199,599 19 % Installation and Delivery Services 136,561 13 % 128,687 12 % 90,664 9 % Total $ 1,092,602 100 % $ 1,084,636 100 % $ 1,028,933 100 % 1 Includes laminate, vinyl, engineered vinyl plank and porcelain tile. |
Cost of Sales | Cost of Sales Cost of sales includes the cost of products sold, including tariffs, the cost of installation services, and transportation costs from vendors to the Company’s distribution centers or store locations. It also includes any applicable finishing costs related to production of the Company’s proprietary brands, transportation costs from distribution centers to store locations, transportation costs for the delivery of products from store locations to customers, certain costs of quality control procedures, warranty and customer satisfaction costs, inventory adjustments including obsolescence and shrinkage, and costs to produce samples, which are net of vendor allowances. The Company offers a range of limited warranties for the durability of the finish on its prefinished products to its services provided. These limited warranties range from one to 100 years, with lifetime warranties for certain of the Company’s products. Warranty reserves are based primarily on claims experience, sales history and other considerations, including payments made to satisfy customers for claims not directly related to the warranty on the Company’s products. Warranty costs are recorded in cost of sales. This reserve was $ 0.9 million and $1. 4 million at December 31, 2019 and 2018, respectively. The Company seeks recovery from its vendors and third-party independent contractors of installation services for certain amounts paid. Vendor allowances primarily consist of volume rebates that are earned as a result of attaining certain purchase levels and reimbursement for the cost of producing samples. Vendor allowances are accrued as earned, with those allowances received as a result of attaining certain purchase levels accrued over the incentive period based on estimates of purchases. Volume rebates earned are initially recorded as a reduction in merchandise inventories and a subsequent reduction in cost of sales when the related product is sold. Reimbursement received for the cost of producing samples is recorded as an offset against cost of sales. |
Advertising Costs | Advertising Costs Advertising costs charged to selling, general and administrative (“SG&A”) expenses, net of vendor allowances, were $7 5 million , $7 4 million and $ 77 million in 2019, 2018 and 2017, respectively. The Company uses various types of media to brand its name and advertise its products. Media production costs are generally expensed as incurred, except for direct mail, which is expensed when the finished piece enters the postal system. Media placement costs are generally expensed in the month the advertising occurs, except for contracted endorsements and sports agreements, which are generally expensed ratably over the contract period. Amounts paid in advance are included in prepaid expenses and totaled $0.4 million and $0.6 million at December 31, 2019 and 2018, respectively. |
Store Opening Costs | Store Opening Costs Costs to open new store locations are charged to SG&A expenses as incurred, net of any vendor support. |
Other Vendor Consideration | Other Vendor Consideration Consideration from non-merchandise vendors, including royalties and rebates, are generally recorded as an offset to SG&A expenses when earned. |
Depreciation and Amortization | Depreciation and Amortization Property and equipment is carried at cost and depreciated on the straight-line method over the estimated useful lives. The estimated useful lives for leasehold improvements are the shorter of the estimated useful lives or the remainder of the lease terms. For leases with optional renewal periods for which renewal is not reasonably certain, the Company uses the original lease term, excluding optional renewal periods, to determine the appropriate estimated useful lives. Capitalized software costs are capitalized from the time that technological feasibility is established until the software is ready for use. The estimated useful lives are generally as follows: Years Buildings and Building Improvements 7 to 40 Property and Equipment 3 to 10 Computer Software and Hardware 3 to 10 Leasehold Improvements 1 to 10 |
Leases | Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02 (“ASU 2016-02”), which created ASC Topic 842, Leases , and superseded the lease accounting requirements in Topic 840, Leases. In summary, Topic 842 requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842, which included an option to not restate comparative periods in transition and elect to use the effective date of ASC 842 as the date of initial application of transition, which the Company elected. As a result of the adoption of ASC 842 on January 1, 2019, the Company recorded both operating lease right-of-use (“ROU”) assets of $113 million and lease liabilities of $121 million. The adoption of ASC 842 had an immaterial impact on the Company’s consolidated statements of operations and consolidated statements of cash flows for the year ended December 31, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard which, among other things, allowed the Company to carryforward the historical lease classification. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease ROU assets and operating lease liabilities on the consolidated balance sheet. The operating lease ROU assets and operating lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. As most of the leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also is adjusted for any lease payments made and excludes lease incentives and initial direct costs incurred. The Company’s lease terms may include options to extend or terminate the lease at certain dates, typically at the Company’s own discretion. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. Many of the Company’s leases include both lease (e.g., payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs) which are accounted for as a single lease component as the Company has elected the practical expedient to group lease and non-lease components for all leases. Lease expense for minimum lease payments is recognized on a straight-line basis over the term of the agreement. The Company made an accounting policy election that payments under agreements with an initial term of 12 months or less will not be included on the consolidated balance sheet but will be recognized in the consolidated statements of operations on a straight-line basis over the term of the agreement. Additional information and disclosures required by this new standard are contained in “Note 5, Leases.” |
Stock-Based Compensation | Stock-Based Compensation The Company records compensation expense associated with stock options and other forms of equity compensation in accordance with ASC 718. The Company may issue incentive awards, including performance-based awards, in the form of stock options, restricted shares and other equity awards to employees, non-employee directors and other service providers. The Company recognizes expense for the majority of its stock-based compensation based on the fair value of the awards that are granted. For awards granted to non-employee directors, expense is recognized based on the fair value of the award at the end of a reporting period. For performance-based awards granted to certain members of senior management, the Company recognizes expense after assessing the probability of the achievement of certain financial metrics on a periodic basis. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated at the date of grant based on historical experience and future expectations. Measured compensation cost is recognized ratably over the requisite service period of the entire related stock-based compensation award. |
Foreign Currency Translation | Foreign Currency Translation The Company’s Canadian operations use the Canadian dollar as the functional currency. Assets and liabilities are translated at exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average monthly exchange rates during the year. Resulting translation adjustments are recorded as a component of accumulated other comprehensive income on the consolidated balance sheets. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with ASC 740 (“ASC 740”). Income taxes are provided for under the asset and liability method and consider differences between the tax and financial accounting bases. The tax effects of these differences are reflected on the consolidated balance sheets as deferred income taxes and measured using the effective tax rate expected to be in effect when the differences reverse. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion of the deferred tax asset will not be realized. In evaluating the need for a valuation allowance, the Company takes into account various factors, including the nature, frequency and severity of current and cumulative losses, expected level of future taxable income, the duration of statutory carryforward periods and tax planning alternatives. In future periods, any valuation allowance will be re-evaluated in accordance with ASC 740, and a change, if required, will be recorded through income tax expense in the period such determination is made. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the relevant taxing authorities, based on the technical merits of its position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company classifies interest and penalties related to income tax matters as a component of income tax expense. |
Net Income per Common Share | Net Income per Common Share Basic net income per common share is determined by dividing net income by the weighted average number of common shares outstanding during the year. Diluted net income per common share is determined by dividing net income by the weighted average number of common shares outstanding during the year, plus the dilutive effect of common stock equivalents, including stock options and restricted shares. Common stock and common stock equivalents included in the computation represent shares issuable upon assumed exercise of outstanding stock options and release of restricted shares, except when the effect of their inclusion would be antidilutive. |
Recent Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued Accounting Standards Update No. 2018‑15 (“ASU 2018‑15”), which provides guidance on the accounting for costs of implementation activities performed in a cloud computing arrangement that is a service contract, as initially published in Accounting Standards Update No. 2015‑05, Intangibles—Goodwill and Other— Internal-Use Software: Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. In summary, the new standard requires customers of cloud computing services to recognize an intangible asset for the software license and, to the extent that payments attributable to the software license are made over time, a liability is also recognized. The new standard also allows customers of cloud computing services to capitalize certain implementation costs. The amendments in ASU 2018‑15 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted the new standard as of the beginning of the fourth quarter of 2019. The adoption of this standard did not have a material impact on the Company’s results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Customer Deposits and Store Credits | The following table shows the activity in this account for the periods noted: Year Ended December 31, 2019 2018 2017 Customer Deposits and Store Credits, Beginning Balance $ (40,332) $ (38,546) $ (32,639) New Deposits (1,163,691) (1,155,019) (1,101,841) Recognition of Revenue 1,092,602 1,084,636 1,028,933 Sales Tax included in Customer Deposits 67,029 67,125 66,028 Other 2,821 1,472 973 Customer Deposits and Store Credits, Ending Balance $ (41,571) $ (40,332) $ (38,546) |
Sales Mix by Major Product | We offer hundreds of different flooring products; however, no single flooring product represented a significant portion of our sales mix. By major product category, our sales mix was as follows: Year Ended December 31, 2019 2018 2017 Manufactured Products 1 $ 452,914 41 % $ 392,512 36 % $ 315,369 31 % Solid and Engineered Hardwood 319,582 29 % 367,026 34 % 423,301 41 % Moldings and Accessories and Other 183,545 17 % 196,411 18 % 199,599 19 % Installation and Delivery Services 136,561 13 % 128,687 12 % 90,664 9 % Total $ 1,092,602 100 % $ 1,084,636 100 % $ 1,028,933 100 % 1 Includes laminate, vinyl, engineered vinyl plank and porcelain tile. |
Estimated Useful Lives of Property Plant and Equipment | The estimated useful lives are generally as follows: Years Buildings and Building Improvements 7 to 40 Property and Equipment 3 to 10 Computer Software and Hardware 3 to 10 Leasehold Improvements 1 to 10 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of: December 31, 2019 2018 Land $ 4,937 $ 4,937 Building 44,395 44,319 Property and Equipment 57,047 53,411 Computer Software and Hardware 51,437 54,375 Leasehold Improvement 54,139 46,297 Assets under Construction 1,549 767 213,504 204,106 Less: Accumulated Depreciation and Amortization 114,771 110,417 Property and Equipment, net $ 98,733 $ 93,689 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities [Abstract] | |
Other Long-Term Liabilities | Other long-term liabilities consisted of: December 31, 2019 2018 Antidumping and Countervailing Duties Accrual, Including Accrued Interest $ 12,795 $ 11,456 Deferred Rent — 4,850 Lease Incentive Obligation — 2,864 Other 962 1,033 Other Long Term Liabilities $ 13,757 $ 20,203 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Schedule of cost components of operating leases | The cost components of the Company’s operating leases recorded in SG&A on the consolidated statement of operations were as follows for the periods shown: Year Ended December 31, 2019 Store Leases Other Leases Total Operating lease costs $ 32,759 $ 4,078 $ 36,837 Variable lease costs 8,381 1,007 9,388 Total $ 41,140 $ 5,085 $ 46,225 |
Schedule of other information related to leases | Other information related to leases were as follows: Year Ended December 31, 2019 Store Leases Other Leases Total Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 33,590 $ 4,252 $ 37,842 Right-of-use assets obtained or modified in exchange for operating lease obligations $ 25,745 $ 9,828 $ 35,573 Weighted Average Remaining Lease Term (years) Weighted Average Discount Rate % % % |
Schedule of future minimum rental payments under noncancelable operating leases | At December 31, 2019, the future minimum rental payments under non-cancellable operating leases were as follows: Operating Leases Total Other Operating Store Leases Leases Leases 2020 $ 33,752 4,103 $ 37,855 2021 28,460 3,663 32,123 2022 22,508 3,656 26,164 2023 16,554 3,733 20,287 2024 9,853 3,593 13,446 Thereafter 14,443 8,240 22,683 Total minimum lease payments 125,570 26,988 152,558 Less imputed interest (15,900) (4,855) (20,755) Total $ 109,670 $ 22,133 $ 131,803 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity [Abstract] | |
Computation of Basic and Diluted Net Income Loss Per Common Share | The following table sets forth the computation of basic and diluted net income per common share: Year Ended December 31, 2019 2018 2017 Net Income (Loss) $ 9,663 $ (54,379) $ (37,823) Weighted Average Common Shares Outstanding—Basic 28,689 28,571 28,407 Effect of Dilutive Securities: Common Stock Equivalents 104 — — Weighted Average Common Shares Outstanding—Diluted 28,793 28,571 28,407 Net Income (Loss) per Common Share—Basic $ 0.34 $ (1.90) $ (1.33) Net Income (Loss) per Common Share—Diluted $ 0.34 $ (1.90) $ (1.33) |
Anti-Dilutive Securities Excluded from Computation of Weighted Average Common Shares Outstanding Diluted | The following have been excluded from the computation of Weighted Average Common Shares Outstanding—Diluted because the effect would be antidilutive: As of December 31, 2019 2018 2017 Stock Options 604 643 653 Restricted Shares 187 407 433 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Summary of Activity Related to Stock Options | The following table summarizes activity related to stock options: Remaining Weighted Average Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Balance, December 31, 2016 835,614 $ 24.86 7.5 $ 1,167 Granted 127,984 22.09 Exercised (87,955) 15.31 Forfeited (185,975) 25.62 Balance, December 31, 2017 689,668 $ 25.31 7.7 $ 8,530 Granted 215,297 20.54 Exercised (43,510) 17.70 Forfeited (128,870) 33.25 Balance, December 31, 2018 732,585 $ 22.97 7.3 $ — Granted 110,535 8.47 Forfeited (149,657) 25.16 Balance, December 31, 2019 693,463 $ 20.18 7.1 $ 144 Exercisable at December 31, 2019 361,974 $ 24.43 $ — Vested and expected to vest December 31, 2019 693,463 $ 20.18 $ 144 |
Ranges of Assumptions | The following are the average assumptions for the periods noted: Year Ended December 31, 2019 2018 2017 Expected dividend rate — % — % — % Expected stock price volatility 55 % 55 % 55 % Risk-free interest rate 2.1 % 2.8 % 1.7 % Expected term of options 5.5 years 5.5 years 5.5 years |
Summary of Activity Related to Restricted Stock Awards | The following table summarizes activity related to restricted shares: Weighted Average Grant Date Fair Shares Value Nonvested, December 31, 2016 586,187 $ 17.71 Granted 207,196 19.56 Released (205,349) 18.31 Forfeited (108,288) 15.68 Nonvested, December 31, 2017 479,746 $ 18.71 Granted 224,835 22.39 Released (137,064) 18.67 Forfeited (80,305) 17.98 Nonvested, December 31, 2018 487,212 $ 20.54 Granted 661,784 10.35 Released (130,721) 11.09 Forfeited (107,309) 14.71 Nonvested, December 31, 2019 910,966 $ 15.18 |
Summary of Activities Related to Stock Appreciation Rights | The following table summarizes activity related to SARs: Remaining Weighted Average Aggregate Average Contractual Intrinsic Shares Exercise Price Term (Years) Value Balance, December 31, 2016 28,668 $ 32.63 7.5 $ 6 Granted 2,899 17.39 Exercised (165) 24.35 Forfeited (14,852) 45.93 Balance, December 31, 2017 16,550 $ 18.10 8.6 $ 251 Granted 1,738 23.31 Exercised — — Forfeited (335) 86.16 Balance, December 31, 2018 17,953 $ 17.33 7.8 $ — Granted — — Exercised — — Forfeited (17,708) 16.44 Balance, December 31, 2019 245 $ 82.08 3.4 $ — Exercisable at December 31, 2019 245 $ 82.08 3.4 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Components of (Loss) Income Before Income Taxes | Year Ended December 31, 2019 2018 2017 United States $ 13,830 $ (52,473) $ (38,258) Foreign (878) (927) (299) Total Income (Loss) before Income Taxes $ 12,952 $ (53,400) $ (38,557) |
(Benefit) Provision for Income Taxes | Year Ended December 31, 2019 2018 2017 Current Federal $ 2,550 $ — $ 2,254 State 1,015 607 146 Foreign 90 132 112 Total Current 3,655 739 2,512 Deferred Federal (203) 140 (2,087) State (163) 100 (1,159) Total Deferred (366) 240 (3,246) Income Tax Expense (Benefit) $ 3,289 $ 979 $ (734) |
Reconciliation of Significant Differences Between Income Tax Expenses Applying Federal Statutory Rate to Actual Income Tax Expense at Effective Rate | Year Ended December 31, 2019 2018 2017 Income Tax Expense (Benefit) at Federal Statutory Rate $ 2,720 21.0 % $ (11,214) 21.0 % $ (13,495) 35.0 % Increases (Decreases): State Income Taxes, Net of Federal Income Tax Benefit 425 3.3 % 723 (1.3) % (740) 1.9 % Valuation Allowance 668 5.2 % 3,897 (7.3) % 3,826 (10.0) % Foreign Operations 90 0.7 % 132 (0.3) % 221 (0.5) % Uncertain Tax Positions 174 1.3 % 2,919 (5.5) % — — % Non-Deductible Fines and Penalties 6 — % 4,011 (7.5) % 1,156 (3.0) % Federal Rate Change — — % — — % 8,088 (21.0) % Other (794) (6.1) % 511 (0.9) % 210 (0.5) % Income Tax Expense (Benefit) $ 3,289 25.4 % $ 979 (1.8) % $ (734) 1.9 % |
Tax Effects of Temporary Differences that Result in Significant Portions of Deferred Tax Accounts | December 31, 2019 2018 Deferred Tax Liabilities: Operating Lease Right-of-Use Assets $ (31,804) $ — Depreciation and Amortization and Other (9,676) (10,672) Total Gross Deferred Tax Liabilities (41,480) (10,672) Deferred Tax Assets: Operating Lease Liabilities 34,419 — Stock-Based Compensation Expense 2,611 2,348 Legal Settlement Reserves 11,774 14,251 Other Accruals and Reserves 5,054 4,811 Employee Benefits 1,169 1,018 Inventory Reserves 1,311 1,896 Inventory Capitalization 3,194 3,492 Foreign Net Operating Loss Carryforwards 3,341 3,153 Net Operating Loss Carryforwards 2,444 2,445 Capital Loss Carryforwards and Other 2,724 2,784 Total Gross Deferred Tax Assets 68,041 36,198 Less: Valuation Allowance (26,986) (26,318) Total Net Deferred Tax Assets 41,055 9,880 Net Deferred Tax Liability $ (425) $ (792) |
Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits, Excluding Interest and Penalties | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows: Year Ended December 31, 2019 2018 Balance at beginning of year $ 3,610 $ 27 Increases for tax positions related to current year 174 3,583 (Decreases) Increases for tax positions related to prior years (3,443) — Settlements (116) — Balance at end of year $ 225 $ 3,610 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Schedule of Other Commitments | Review Rates at which December 31, 2019 Period Period Covered Company Final Rate Receivable/Liability Deposited Balance Antidumping 1 May 2011 through 6.78% and 3.3% 0.73% 1 $1.3 million November 2012 receivable 1 2 December 2012 through 3.30% 13.74% 2 $4.1 million November 2013 liability 3 December 2013 through 3.3% and 5.92% 17.37% $4.7 million November 2014 liability 4 December 2014 through 5.92% and 13.74% 0.00% Settled November 2015 5 December 2015 through 5.92%. 13.74%. and 17.37% 0.00% Settled November 2016 6 December 2016 through 17.37% and 0.00% 42.57% and 0.00% 3 $0.5 million receivable November 2017 $1.5 million liability 3 7 December 2017 through 0.00% Pending 4 NA November 2018 Included on the Consolidated Balance Sheet in Other Current Assets $0.5 million Included on the Consolidated Balance Sheet in Other Assets $1.3 million Included on the Consolidated Balance Sheet in Other Long-Term Liabilities $10.3 million Countervailing 1&2 April 2011 through 1.50% 0.83% / 0.99% $0.2 million December 2012 receivable 3 January 2013 through 1.50% 1.38% $0.05 million 4 January 2014 through 1.50% and 0.83% 1.06% $0.02 million 5 January 2015 through 0.83% and 0.99% Final at 0.11% and 0.85% 5 $0.07 million 5 6 January 2016 through 0.99% and 1.38% Final at 3.10% and 2.96% $0.04 million 6 7 January 2017 through 1.38% and 1.06% Pending 7 NA 8 January 2018 through 1.06% Pending NA Included on the Consolidated Balance Sheet in Other Current Assets $0.1 million Included on the Consolidated Balance Sheet in Other Assets $0.3 million Included on the Consolidated Balance Sheet in Other Current Liabilities $0.04 million 1 In the second quarter of 2018, the Court of International Trade sustained the DOC’s recommendation to reduce the rate for the first annual review period to 0.73% (from 5.92%). As a result, the Company reversed its $0.8 million liability and recorded a $1.3 million receivable with a corresponding reduction of cost of sales during the year ended December 31, 2018. 2 As a result of the remand from CIT, in June 2019 the DOC proposed to reduce the AD rate to 6.55% for the second annual review period. The CIT is expected to rule on the DOC’s remand during 2020. If the final ruling remains at 6.55% (from 13.74%), the Company’s liability of $4.1 million would decrease by $2.8 million to $1.3 million in the period in which the ruling is finalized. 3 In the third quarter of 2019, the DOC issued the final rates for the sixth annual review period at 42.57% and 0% depending on the vendor. As a result, the Company recorded a liability of $0.8 million with a corresponding reduction of cost of sales during the year ended December 31, 2019. The Company received payments during 2019 for its vendor with a final rate of 0% and the remaining balance of $0.5 million as of December 31, 2019 was included in other current assets on the consolidated balance sheet. The vendors with a final rate of 42.57% are under appeal and the balance of $1.5 million as of December 31, 2019 was included in other long-term liabilities on the consolidated balance sheet. 4 In January 2020, the DOC issued a preliminary rate of 0.0% for the seventh annual review period. 5 In the second quarter of 2018, the DOC issued the final rates for the fifth annual review period at 0.11% and 0.85% depending on the vendor. As a result, in the second quarter of 2018, the Company recorded a receivable of $0.07 million for deposits made at previous preliminary rates, with a corresponding reduction of cost of sales. 6 In the third quarter of 2019, the DOC issued the final rates for the sixth annual review period at 3.1% and 2.96% depending on the vendor. As a result, the Company recorded a liability of $0.4 million with a corresponding reduction of cost of sales during the year ended December 31, 2019. 7 In January 2020, the DOC issued a preliminary rate of 24.61% for the seventh annual review period. If the preliminary rates remains at 24.61%, the Company will record a liability of $2 million in the period in which the ruling is finalized. |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information (unaudited) [Abstract] | |
Unaudited Quarterly Results | The following tables present the Company’s unaudited quarterly results for 2019 and 2018. Quarter Ended March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Net Sales $ 266,220 $ 288,567 $ 263,961 $ 273,854 Gross Profit 93,611 102,487 95,674 111,914 Selling, General and Administrative Expenses 97,032 103,864 93,496 92,578 Operating (Loss) Income (3,421) (1,377) 2,178 19,336 Net (Loss) Income $ (4,924) $ (2,856) $ 1,045 $ 16,398 Net (Loss) Income per Common Share - Basic $ (0.17) $ (0.10) $ 0.04 $ 0.57 Net (Loss) Income per Common Share - Diluted $ (0.17) $ (0.10) $ 0.04 $ 0.57 Number of Stores Opened in Quarter, net — 2 4 — Comparable Store Net Sales (Decrease) Increase (0.8) % (0.1) % (3.6) % 0.4 % Quarter Ended March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Net Sales $ 261,772 $ 283,474 $ 270,469 $ 268,921 Gross Profit 94,972 101,310 100,682 95,976 Selling, General and Administrative Expenses 96,418 102,223 93,987 150,885 Operating (Loss) Income (1,446) (913) 6,695 (54,909) Net (Loss) Income $ (1,972) $ (1,454) $ 5,923 $ (56,876) Net (Loss) Income per Common Share - Basic $ (0.07) $ (0.05) $ 0.21 $ (1.99) Net (Loss) Income per Common Share - Diluted $ (0.07) $ (0.05) $ 0.21 $ (1.99) Number of Stores Opened in Quarter 5 8 3 4 Comparable Store Net Sales Increase 2.9 % 4.7 % 2.1 % 0.4 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)statestore | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Organization And Business Operations [Line Items] | |||
Number of states in which stores operates | state | 47 | ||
Cash and cash equivalents | $ 8,993 | $ 11,565 | |
Due from Banks | 6,500 | 7,300 | |
Inventory valuation reserves | 6,900 | 6,800 | |
Tariff Recovery Receivable | 27,025 | ||
Received from sale of equipment | 900 | 800 | |
Proceeds from assets held for sale | 100 | 1,000 | |
Long-lived asset impairment charge | 1,800 | 1,500 | $ 0 |
Indefinite-lived intangible assets (excluding goodwill) | 800 | ||
Current self insurance reserve | $ 2,500 | 2,400 | |
Minimum years of product warranty | 1 year | ||
Maximum years of product warranty | 100 years | ||
Right to recover merchandise asset | $ 1,200 | 1,200 | |
Product warranty reserve | 900 | 1,400 | |
Advertising expense | 75,000 | 74,000 | $ 77,000 |
Prepaid advertising | $ 400 | 600 | |
Leases, practical expedients, package | true | ||
U.S. | |||
Organization And Business Operations [Line Items] | |||
Number of stores | store | 419 | ||
CANADA | |||
Organization And Business Operations [Line Items] | |||
Number of stores | store | 8 | ||
Short-term Investments [Member] | |||
Organization And Business Operations [Line Items] | |||
Cash equivalents | $ 0 | $ 0 | |
Product Concentration Risk [Member] | |||
Organization And Business Operations [Line Items] | |||
Concentration risk, percentage | 46.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule of Deferred Revenues) (Details) - Customer Deposits and Store Credits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer Deposits and Store Credits, Beginning Balance | $ (40,332) | $ (38,546) | $ (32,639) |
New Deposits | (1,163,691) | (1,155,019) | (1,101,841) |
Recognition of Revenue | 1,092,602 | 1,084,636 | 1,028,933 |
Sales Tax included in Customer Deposits | 67,029 | 67,125 | 66,028 |
Other | 2,821 | 1,472 | 973 |
Customer Deposits and Store Credits, Ending Balance | $ (41,571) | $ (40,332) | $ (38,546) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Sales Mix by Major Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product Information [Line Items] | |||||||||||
Net Sales | $ 273,854 | $ 263,961 | $ 288,567 | $ 266,220 | $ 268,921 | $ 270,469 | $ 283,474 | $ 261,772 | $ 1,092,602 | $ 1,084,636 | $ 1,028,933 |
Sales Revenue, Product Line [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net Sales | $ 1,092,602 | $ 1,084,636 | $ 1,028,933 | ||||||||
Percent | 100.00% | 100.00% | 100.00% | ||||||||
Net Merchandise Sales | |||||||||||
Product Information [Line Items] | |||||||||||
Net Sales | $ 956,041 | $ 955,949 | $ 938,269 | ||||||||
Manufactured Products | Sales Revenue, Product Line [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net Sales | $ 452,914 | $ 392,512 | $ 315,369 | ||||||||
Percent | 41.00% | 36.00% | 31.00% | ||||||||
Solid and Engineered Hardwood | Sales Revenue, Product Line [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net Sales | $ 319,582 | $ 367,026 | $ 423,301 | ||||||||
Percent | 29.00% | 34.00% | 41.00% | ||||||||
Moldings and Accessories and Other | Sales Revenue, Product Line [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net Sales | $ 183,545 | $ 196,411 | $ 199,599 | ||||||||
Percent | 17.00% | 18.00% | 19.00% | ||||||||
Installation and Delivery Services | Sales Revenue, Product Line [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net Sales | $ 136,561 | $ 128,687 | $ 90,664 | ||||||||
Percent | 13.00% | 12.00% | 9.00% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Property and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 7 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Computer Software and Hardware [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computer Software and Hardware [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Leasehold Improvement [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 1 year |
Leasehold Improvement [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Recent Accounting Pronouncements Not Yet Adopted (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Right to use lease assets | $ 121,796 | |
Lease liabilities | $ 131,803 | |
ASU 2016-02 | ||
Right to use lease assets | $ 113,000 | |
Lease liabilities | $ 121,000 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property and Equipment [Abstract] | |||
Capitalized Computer Software, Gross | $ 42 | $ 40 | |
Capitalized Computer Software, Amortization | $ 4.6 | $ 4.3 | $ 3.9 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 213,504 | $ 204,106 |
Less: Accumulated Depreciation and Amortization | 114,771 | 110,417 |
Property and Equipment, net | 98,733 | 93,689 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 4,937 | 4,937 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 44,395 | 44,319 |
Property and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 57,047 | 53,411 |
Computer Software and Hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 51,437 | 54,375 |
Leasehold Improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 54,139 | 46,297 |
Asset under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 1,549 | $ 767 |
Other Liabilities (Other Long-T
Other Liabilities (Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities [Abstract] | ||
Antidumping and Countervailing Accrual | $ 12,795 | $ 11,456 |
Deferred Rent | 4,850 | |
Lease Incentive Obligation | 2,864 | |
Other | 962 | 1,033 |
Other Long Term Liabilities | $ 13,757 | $ 20,203 |
Credit Agreement (Narrative) (D
Credit Agreement (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 29, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |||
Outstanding balance | $ 82,000 | $ 65,000 | |
Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility remaining borrowing capacity | $ 102,000 | ||
Interest rate | 3.90% | ||
Revolving Credit Facility [Member] | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 175,000 | ||
Option to increase aggregate amount | 225,000 | ||
Long-term Debt | $ 57,000 | ||
Line of Credit Covenant Trigger | $ 17,500 | ||
Line of credit covenant trigger percentage | 10.00% | ||
Revolving Credit Facility [Member] | Prior agreement | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | ||
Letter of Credit [Member] | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,900 | ||
FILO Term Loan | |||
Line of Credit Facility [Line Items] | |||
Long-term Debt | $ 25,000 | ||
Interest rate | 4.75% | ||
FILO Term Loan | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Face amount | $ 25,000 | ||
Minimum [Member] | Revolving Credit Facility [Member] | Base Rate | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Minimum [Member] | Revolving Credit Facility [Member] | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Minimum [Member] | FILO Term Loan | Base Rate | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Minimum [Member] | FILO Term Loan | LIBOR | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Base Rate | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||
Maximum [Member] | Revolving Credit Facility [Member] | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Maximum [Member] | FILO Term Loan | Base Rate | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Maximum [Member] | FILO Term Loan | LIBOR | Credit agreement | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Rent Expense | $ | $ 37 | $ 34 | $ 33 |
Store Leases | |||
Property, Plant and Equipment [Line Items] | |||
Term | 5 years | ||
Renewal period | 5 years | ||
Option to renew | true | ||
Store Leases | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of renewal periods, minimum | item | 1 | ||
Richmond Virginia | |||
Property, Plant and Equipment [Line Items] | |||
Term | 10 years |
Leases - cost components (Detai
Leases - cost components (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cost components: | |
Operating lease costs | $ 36,837 |
Variable lease costs | 9,388 |
Total | 46,225 |
Store Leases | |
Cost components: | |
Operating lease costs | 32,759 |
Variable lease costs | 8,381 |
Total | 41,140 |
Other Leases | |
Cost components: | |
Operating lease costs | 4,078 |
Variable lease costs | 1,007 |
Total | $ 5,085 |
Leases cost - Other information
Leases cost - Other information related to leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating cash flows from operating leases | $ 37,842 |
Right-of-use assets obtained or modified in exchange for operating lease obligations | $ 35,573 |
Weighted Average Remaining Lease Term (years) | 5 years 3 months 11 days |
Weighted Average Discount Rate | 5.70% |
Store Leases | |
Lessee, Lease, Description [Line Items] | |
Operating cash flows from operating leases | $ 33,590 |
Right-of-use assets obtained or modified in exchange for operating lease obligations | $ 25,745 |
Weighted Average Remaining Lease Term (years) | 4 years 9 months 22 days |
Weighted Average Discount Rate | 5.80% |
Other Leases | |
Lessee, Lease, Description [Line Items] | |
Operating cash flows from operating leases | $ 4,252 |
Right-of-use assets obtained or modified in exchange for operating lease obligations | $ 9,828 |
Weighted Average Remaining Lease Term (years) | 7 years 7 months 6 days |
Weighted Average Discount Rate | 5.50% |
Leases - future minimum rental
Leases - future minimum rental payments under non-cancellable operating leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Future minimum rental payments under non-cancellable operating leases: | |
2020 | $ 37,855 |
2021 | 32,123 |
2022 | 26,164 |
2023 | 20,287 |
2024 | 13,446 |
Thereafter | 22,683 |
Total future minimum lease payments | 152,558 |
Less imputed interest | (20,755) |
Total | $ 131,803 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OperatingLeaseLiabilityCurrent us-gaap:OperatingLeaseLiabilityNoncurrent |
Store Leases | |
Future minimum rental payments under non-cancellable operating leases: | |
2020 | $ 33,752 |
2021 | 28,460 |
2022 | 22,508 |
2023 | 16,554 |
2024 | 9,853 |
Thereafter | 14,443 |
Total future minimum lease payments | 125,570 |
Less imputed interest | (15,900) |
Total | 109,670 |
Other Leases | |
Future minimum rental payments under non-cancellable operating leases: | |
2020 | 4,103 |
2021 | 3,663 |
2022 | 3,656 |
2023 | 3,733 |
2024 | 3,593 |
Thereafter | 8,240 |
Total future minimum lease payments | 26,988 |
Less imputed interest | (4,855) |
Total | $ 22,133 |
Stockholders' Equity (Computati
Stockholders' Equity (Computation of Basic and Diluted Net Income Loss Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |||||||||||
Net Income (Loss) | $ 16,398 | $ 1,045 | $ (2,856) | $ (4,924) | $ (56,876) | $ 5,923 | $ (1,454) | $ (1,972) | $ 9,663 | $ (54,379) | $ (37,823) |
Weighted Average Common Shares Outstanding Basic | 28,689 | 28,571 | 28,407 | ||||||||
Effect of Dilutive Securities: | |||||||||||
Common Stock Equivalents | 104 | ||||||||||
Weighted Average Common Shares Outstanding Diluted | 28,793 | 28,571 | 28,407 | ||||||||
Net Income (Loss) per Common Share—Basic | $ 0.57 | $ 0.04 | $ (0.10) | $ (0.17) | $ (1.99) | $ 0.21 | $ (0.05) | $ (0.07) | $ 0.34 | $ (1.90) | $ (1.33) |
Net Income (Loss) per Common Share—Diluted | $ 0.57 | $ 0.04 | $ (0.10) | $ (0.17) | $ (1.99) | $ 0.21 | $ (0.05) | $ (0.07) | $ 0.34 | $ (1.90) | $ (1.33) |
Stockholders' Equity (Anti-Dilu
Stockholders' Equity (Anti-Dilutive Securities Excluded from Computation of Weighted Average Common Shares Outstanding-Diluted) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earning per share | 604 | 643 | 653 |
Restricted Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from computation of earning per share | 187 | 407 | 433 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |||
Stock repurchase program, authorized amount | $ 150 | ||
Common stock repurchased, remaining authorized amount | $ 14.7 | ||
Shares repurchased | 0 | 0 | 0 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Stock options exercised intrinsic value | $ 0.3 | $ 0.8 | |
Unrecognized compensation cost related to unvested option | $ 1.5 | ||
Weighted average period of recognition | 2 years 2 months 12 days | ||
Weighted average fair value of option granted | $ 4.32 | $ 10.69 | $ 11.20 |
Two Thousand And Eleven Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Common stock shares authorized for issuance | 7,800,000 | ||
Common stock available for future grant | 2,500,000 | ||
Two Thousand And Eleven Plan [Member] | Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Share based compensation stock options expiration period | 10 years | ||
Non Employee Director [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred stock units outstanding | 158,283 | 132,348 | |
Non Employee Director [Member] | Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred percentage of director fees invested in deferred stock units | 100.00% | ||
Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Weighted average period of recognition | 2 years 4 months 24 days | ||
Fair value of restricted stock awards released | $ 1.5 | $ 2.9 | $ 5.2 |
Unrecognized compensation cost related to unvested restricted stock awards | $ 5.1 | ||
Awards granted | 661,784 | 224,835 | 207,196 |
Performance-Base Restricted Stock Awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Awards granted | 100,281 | ||
Grant date fair value of awards | $ 1.1 | ||
Performance-Base Restricted Stock Awards | Senior Management | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Share-based compensation terms | These shares were awarded to certain members of senior management in connection with the achievement of specific key financial metrics measured over a two-year period and vest over a three-year period. The number of awards that will ultimately vest is contingent upon the achievement of these key financial metrics by the end of year two. The Company assesses the probability of achieving these metrics on a quarterly basis. | ||
Vesting period of grants | 3 years | ||
Performance-Base Restricted Stock Awards | Senior Management | Tranche One | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period of grants | 2 years | ||
Percentage of awards vested | 50.00% | ||
Performance-Base Restricted Stock Awards | Senior Management | Tranche Two | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Vesting period of grants | 3 years | ||
Percentage of awards vested | 50.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Activity Related to Stock Options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | ||||
Beginning Balance | 732,585 | 689,668 | 835,614 | |
Granted | 110,535 | 215,297 | 127,984 | |
Exercised | (43,510) | (87,955) | ||
Forfeited | (149,657) | (128,870) | (185,975) | |
Ending Balance | 693,463 | 732,585 | 689,668 | 835,614 |
Ending Balance, Exercisable | 361,974 | |||
Ending Balance, Vested and expected to vest | 693,463 | |||
Weighted Average Exercise Price | ||||
Beginning Balance | $ 22.97 | $ 25.31 | $ 24.86 | |
Granted | 8.47 | 20.54 | 22.09 | |
Exercised | 17.70 | 15.31 | ||
Forfeited | 25.16 | 33.25 | 25.62 | |
Ending Balance | 20.18 | $ 22.97 | $ 25.31 | $ 24.86 |
Ending Balance, Exercisable | 24.43 | |||
Ending Balance, Vested and expected to vest | $ 20.18 | |||
Remaining Average Contractual Term (Years) for outstanding shares | ||||
Remaining Average Contractual Term (Years) for outstanding shares | 7 years 1 month 6 days | 7 years 3 months 18 days | 7 years 8 months 12 days | 7 years 6 months |
Aggregate Intrinsic Value | ||||
Aggregate Intrinsic Value | $ 144 | $ 8,530 | $ 1,167 | |
Aggregate Intrinsic Value, Vested and expected to vest | $ 144 |
Stock-Based Compensation (Range
Stock-Based Compensation (Ranges of Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |||
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Expected stock price volatility | 55.00% | 55.00% | 55.00% |
Risk-free interest rate | 2.10% | 2.80% | 1.70% |
Expected term of options | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Activity Related to Restricted Stock Awards) (Details) - Restricted Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Beginning Balance | 487,212 | 479,746 | 586,187 |
Granted | 661,784 | 224,835 | 207,196 |
Released | (130,721) | (137,064) | (205,349) |
Forfeited | (107,309) | (80,305) | (108,288) |
Ending Balance | 910,966 | 487,212 | 479,746 |
Weighted Average Grant Date Fair Value | |||
Beginning Balance | $ 20.54 | $ 18.71 | $ 17.71 |
Granted | 10.35 | 22.39 | 19.56 |
Released | 11.09 | 18.67 | 18.31 |
Forfeited | 14.71 | 17.98 | 15.68 |
Ending Balance | $ 15.18 | $ 20.54 | $ 18.71 |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary of Activities Related to Stock Appreciation Rights) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted Average Exercise Price | ||||
Exercised | $ 17.70 | $ 15.31 | ||
Stock Appreciation Rights (SARs) [Member] | ||||
Shares | ||||
Beginning Balance | 17,953 | 16,550 | 28,668 | |
Granted | 1,738 | 2,899 | ||
Exercised | (165) | |||
Forfeited | (17,708) | (335) | (14,852) | |
Ending Balance | 245 | 17,953 | 16,550 | 28,668 |
Ending Balance, Exercisable | 245 | |||
Weighted Average Exercise Price | ||||
Beginning Balance | $ 17.33 | $ 18.10 | $ 32.63 | |
Granted | 23.31 | 17.39 | ||
Exercised | 24.35 | |||
Forfeited | 16.44 | 86.16 | 45.93 | |
Ending Balance | 82.08 | $ 17.33 | $ 18.10 | $ 32.63 |
Ending Balance, Exercisable | $ 82.08 | |||
Remaining average contractual term | ||||
Remaining average contractual term | 3 years 4 months 24 days | 7 years 9 months 18 days | 8 years 7 months 6 days | 7 years 6 months |
Remaining average contractual term, Exercisable | 3 years 4 months 24 days | |||
Aggregate Intrinsic Value | ||||
Aggregate intrinsic value | $ 0 | $ 251 | $ 6 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
U.S. Federal corporate tax rate | 21.00% | 21.00% | 35.00% |
Effective tax rate | 25.40% | (1.80%) | 1.90% |
Income tax refunds | $ 100 | $ 29,000 | |
Income tax paid | $ 200 | ||
Excess tax benefit recognized as a component of income tax expense | 500 | 200 | |
Operating loss carryforwards, valuation allowance increased | 668 | 3,897 | 3,826 |
Unrecognized tax benefits | 225 | 3,610 | $ 27 |
Uncertain tax position | 200 | 3,500 | |
Securities Litigation Matter [Member] | |||
Income Taxes [Line Items] | |||
Unrecognized tax benefits | 200 | ||
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Net operating losses carryforwards | 0 | 12,000 | |
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Net operating losses carryforwards | $ 39,000 | 52,000 | |
Operating loss carryforwards, expiration year | 2022 | ||
Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Net operating losses carryforwards | $ 12,000 | 12,000 | |
Operating loss carryforwards, expiration year | 2030 | ||
CANADA | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, valuation allowance increased | $ 400 | 200 | |
U.S. | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, valuation allowance increased | $ 1,100 | $ 4,700 |
Income Taxes (Components of Inc
Income Taxes (Components of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
United States | $ 13,830 | $ (52,473) | $ (38,258) |
Foreign | (878) | (927) | (299) |
Income (Loss) Before Income Taxes | $ 12,952 | $ (53,400) | $ (38,557) |
Income Taxes ((Benefit) Provisi
Income Taxes ((Benefit) Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ 2,550 | $ 2,254 | |
State | 1,015 | $ 607 | 146 |
Foreign | 90 | 132 | 112 |
Total Current | 3,655 | 739 | 2,512 |
Deferred | |||
Federal | (203) | 140 | (2,087) |
State | (163) | 100 | (1,159) |
Total Deferred | (366) | 240 | (3,246) |
Income Tax Expense (Benefit) | $ 3,289 | $ 979 | $ (734) |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Income Tax Expense (Benefit) at Federal Statutory Rate | $ 2,720 | $ (11,214) | $ (13,495) |
State Income Taxes, Net of Federal Income Tax Benefit | 425 | 723 | (740) |
Valuation Allowance | 668 | 3,897 | 3,826 |
Foreign Operations | 90 | 132 | 221 |
Uncertain Tax Positions | 174 | 2,919 | |
Non-Deductible Fines and Penalties | 6 | 4,011 | 1,156 |
Federal Rate Change | 8,088 | ||
Other | (794) | 511 | 210 |
Income Tax Expense (Benefit) | $ 3,289 | $ 979 | $ (734) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income Tax Expense at Federal Statutory Rate | 21.00% | 21.00% | 35.00% |
State Income Taxes, Net of Federal Income Tax Benefit | 3.30% | (1.30%) | 1.90% |
Valuation Allowance | 5.20% | (7.30%) | (10.00%) |
Foreign Operations | 0.70% | (0.30%) | (0.50%) |
Uncertain Tax Positions | 1.30% | (5.50%) | |
Non-Deductible Fines and Penalties | (7.50%) | (3.00%) | |
Federal Rate Change | (21.00%) | ||
Other | (6.10%) | (0.90%) | (0.50%) |
Total | 25.40% | (1.80%) | 1.90% |
Income Taxes (Tax Effects of Te
Income Taxes (Tax Effects of Temporary Differences Result in Significant Portions of Deferred Tax Accounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Liabilities: | ||
Operating Lease Right-of-Use Assets | $ (31,804) | |
Depreciation and Amortization and Other | (9,676) | $ (10,672) |
Total Gross Deferred Tax Liabilities | (41,480) | (10,672) |
Deferred Tax Assets: | ||
Operating Lease Liabilities | 34,419 | |
Stock-Based Compensation Expense | 2,611 | 2,348 |
Legal Settlement Reserves | 11,774 | 14,251 |
Other Accruals and Reserves | 5,054 | 4,811 |
Employee Benefits | 1,169 | 1,018 |
Inventory Reserves | 1,311 | 1,896 |
Inventory Capitalization | 3,194 | 3,492 |
Foreign Net Operating Loss Carryforwards | 3,341 | 3,153 |
Net Operating Loss Carryforwards | 2,444 | 2,445 |
Capital Loss Carryforwards and Other | 2,724 | 2,784 |
Total Gross Deferred Tax Assets | 68,041 | 36,198 |
Less Valuation Allowance | (26,986) | (26,318) |
Total Net Deferred Tax Assets | 41,055 | 9,880 |
Net Deferred Tax Liability | $ (425) | $ (792) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Balance at beginning of year | $ 3,610 | $ 27 |
Increases for tax positions related to current year | 174 | 3,583 |
(Decreases) Increases for tax positions related to prior years | (3,443) | |
Settlements | (116) | |
Balance at end of year | $ 225 | $ 3,610 |
401(K) Plan (Narrative) (Detail
401(K) Plan (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
401(K) Plan [Abstract] | ||||
Employer matching contribution percentage | 100.00% | |||
Employer matching contribution Additional percentage | 50.00% | |||
Eligible service age for profit-sharing plan | 21 years | |||
Eligible service period for profit-sharing plan | 3 months | |||
Employer contribution percentage | 3.00% | |||
Employer contribution Additional percentage | 2.00% | |||
Company matching contribution to benefit plans | $ 2.8 | $ 2.6 | $ 2.3 | |
Company matching contribution percentage vested | 100.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Sep. 09, 2019 | Mar. 16, 2019 | Mar. 15, 2019 | Mar. 15, 2018 | Oct. 07, 2015 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||||||||||
Payment of litigation settlement | $ 34,729 | $ 2,904 | $ 2,522 | |||||||
Accrual for Legal Matters and Settlements - Current | $ 67,471 | $ 97,625 | ||||||||
Antidumping Duties [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Loss Contingency Multilayered Hardwood Products Purchase Percentage | 6.00% | 7.00% | ||||||||
Antidumping Duties [Member] | Other Expense [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Net interest expense | $ 600 | |||||||||
Litigation Relating to Formaldehyde Abrasion MDL's [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 36,000 | |||||||||
Accrual for Legal Matters and Settlements Long-term | $ 100 | |||||||||
Estimated period for final ruling (in years) | 3 years | |||||||||
Escrow Deposit | 22,000 | |||||||||
Amount receive back from escrow agent | 21,500 | |||||||||
Book value of escrow deposit | 21,500 | |||||||||
Litigation Settlement, Expense | $ 1,800 | $ 3,000 | ||||||||
Litigation Relating to Formaldehyde Abrasion MDL's [Member] | Selling, General, and Administrative Expense [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Expense | 36,000 | |||||||||
Lacey Act Related Matters [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Probation period | 5 years | |||||||||
Settlement Payment | $ 1,800 | |||||||||
Litigation Relating to Bamboo Flooring | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 30,000 | |||||||||
Payment of litigation settlement | 1,000 | |||||||||
Percent of floor damage submit as proof | 7.00% | |||||||||
Litigation Relating to Bamboo Flooring | Other Current Liabilities [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Legal Matters and Settlements - Current | 28,000 | |||||||||
Securities Litigation Matter [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Payment of litigation settlement | $ 33,000 | |||||||||
Accrual for Legal Matters and Settlements - Current | $ 33,000 | |||||||||
Kramer Litigation Matters [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 4,750 | |||||||||
Kramer Litigation Matters [Member] | Other Current Liabilities [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Accrual for Legal Matters and Settlements - Current | 4,750 | |||||||||
Kramer Litigation Matters [Member] | Selling, General, and Administrative Expense [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Expense | $ 4,750 | |||||||||
United States Attorney [Member] | Securities Litigation Matter [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | 19,100 | |||||||||
Department of Justice [Member] | Securities Litigation Matter [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | 13,900 | |||||||||
Securities and Exchange Commission [Member] | Securities Litigation Matter [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | 6,100 | |||||||||
Fine [Member] | Lacey Act Related Matters [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 10,000 | |||||||||
Cash and or Common Stock [Member] | Litigation Relating to Formaldehyde Abrasion MDL's [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | 22,000 | |||||||||
In Store Credit [Member] | Litigation Relating to Formaldehyde Abrasion MDL's [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 14,000 | $ 14,000 | ||||||||
In Store Credit [Member] | Litigation Relating to Bamboo Flooring | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation Settlement, Amount | $ 14,000 | |||||||||
Loss Contingency, Damages Awarded, Value | $ 2,000 | |||||||||
Solid and Engineered Hardwood | Lacey Act Related Matters [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Settlement Payment | $ 3,200 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Other Commitments) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 19 Months Ended | 21 Months Ended | |||||||||||||||
Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019 | Dec. 31, 2019USD ($) | Dec. 31, 2018 | Nov. 30, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Dec. 31, 2015 | Nov. 30, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Dec. 31, 2012 | |
Antidumping Duties [Member] | Other Current Assets [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Receivable | $ 500 | $ 500 | |||||||||||||||||||
Antidumping Duties [Member] | Other Assets [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Receivable | 1,300 | 1,300 | |||||||||||||||||||
Antidumping Duties [Member] | Other Noncurrent Liabilities [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Liability | 10,300 | 10,300 | |||||||||||||||||||
Antidumping Duties [Member] | First Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0.73% | 5.92% | 0.73% | ||||||||||||||||||
Contingent Liability | $ 800 | ||||||||||||||||||||
Contingent Receivable | 1,300 | 1,300 | |||||||||||||||||||
Antidumping Duties [Member] | Second Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 3.30% | ||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 13.74% | ||||||||||||||||||||
Contingent Liability | 4,100 | 4,100 | |||||||||||||||||||
Antidumping Duties [Member] | Second Annual Review [Member] | Scenario, Plan [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 6.55% | ||||||||||||||||||||
Contingent Liability | 1,300 | 1,300 | |||||||||||||||||||
Decrease in contingent liability | (2,800) | ||||||||||||||||||||
Antidumping Duties [Member] | Third Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 17.37% | ||||||||||||||||||||
Contingent Liability | 4,700 | 4,700 | |||||||||||||||||||
Antidumping Duties [Member] | Fourth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0.00% | ||||||||||||||||||||
Antidumping Duties [Member] | Fifth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0.00% | ||||||||||||||||||||
Antidumping Duties [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Liability | 1,500 | $ 800 | 1,500 | ||||||||||||||||||
Contingent Receivable | 500 | $ 70 | 500 | ||||||||||||||||||
Antidumping Duties [Member] | Sixth Annual Review [Member] | Other Current Assets [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Receivable | 500 | 500 | |||||||||||||||||||
Antidumping Duties [Member] | Sixth Annual Review [Member] | Other Noncurrent Liabilities [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Liability | 1,500 | $ 1,500 | |||||||||||||||||||
Antidumping Duties [Member] | Seventh Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 0.00% | ||||||||||||||||||||
Loss Contingency Preliminary Purchase Price Of Anti dumping Duty Rate | 0 | ||||||||||||||||||||
Antidumping Duties [Member] | Minimum [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 0.00% | 0.00% | 0.11% | ||||||||||||||||||
Antidumping Duties [Member] | Maximum [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Antidumping Duty Rate | 42.57% | 0.85% | |||||||||||||||||||
Countervailing Duties [Member] | Other Current Assets [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Receivable | 100 | $ 100 | |||||||||||||||||||
Countervailing Duties [Member] | Other Assets [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Receivable | 300 | 300 | |||||||||||||||||||
Countervailing Duties [Member] | Other Noncurrent Liabilities [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Liability | 40 | 40 | |||||||||||||||||||
Countervailing Duties [Member] | First and Second Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.50% | ||||||||||||||||||||
Contingent Receivable | 200 | 200 | |||||||||||||||||||
Countervailing Duties [Member] | Third Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.50% | ||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 1.38% | ||||||||||||||||||||
Contingent Receivable | 50 | 50 | |||||||||||||||||||
Countervailing Duties [Member] | Fourth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 1.06% | ||||||||||||||||||||
Contingent Receivable | 20 | 20 | |||||||||||||||||||
Countervailing Duties [Member] | Fifth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Liability | 40 | 40 | |||||||||||||||||||
Contingent Receivable | 70 | 70 | |||||||||||||||||||
Countervailing Duties [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Liability | $ 400 | $ 400 | |||||||||||||||||||
Countervailing Duties [Member] | Seventh Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Contingent Liability | $ 2,000 | ||||||||||||||||||||
Loss Contingency Preliminary Purchase Price Of Countervailing Duty Rate | 24.61 | ||||||||||||||||||||
Countervailing Duties [Member] | Eighth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.06% | ||||||||||||||||||||
Countervailing Duties [Member] | Minimum [Member] | First and Second Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 0.83% | ||||||||||||||||||||
Countervailing Duties [Member] | Minimum [Member] | Fifth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 0.11% | ||||||||||||||||||||
Countervailing Duties [Member] | Minimum [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 2.96% | 2.96% | |||||||||||||||||||
Countervailing Duties [Member] | Maximum [Member] | First and Second Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 0.99% | ||||||||||||||||||||
Countervailing Duties [Member] | Maximum [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Modified Purchase Price Of Countervailing Duties Rate | 3.10% | 3.10% | |||||||||||||||||||
Deposit One [Member] | Antidumping Duties [Member] | First Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 6.78% | ||||||||||||||||||||
Deposit One [Member] | Antidumping Duties [Member] | Third Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 3.30% | ||||||||||||||||||||
Deposit One [Member] | Antidumping Duties [Member] | Fourth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 5.92% | ||||||||||||||||||||
Deposit One [Member] | Antidumping Duties [Member] | Fifth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 5.92% | ||||||||||||||||||||
Deposit One [Member] | Antidumping Duties [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 17.37% | ||||||||||||||||||||
Deposit One [Member] | Countervailing Duties [Member] | Fourth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.50% | ||||||||||||||||||||
Deposit One [Member] | Countervailing Duties [Member] | Fifth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.83% | ||||||||||||||||||||
Deposit One [Member] | Countervailing Duties [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.99% | ||||||||||||||||||||
Deposit One [Member] | Countervailing Duties [Member] | Seventh Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.38% | ||||||||||||||||||||
Deposit Two [Member] | Antidumping Duties [Member] | First Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 3.30% | ||||||||||||||||||||
Deposit Two [Member] | Antidumping Duties [Member] | Third Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 5.92% | ||||||||||||||||||||
Deposit Two [Member] | Antidumping Duties [Member] | Fourth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 13.74% | ||||||||||||||||||||
Deposit Two [Member] | Antidumping Duties [Member] | Fifth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 13.74% | ||||||||||||||||||||
Deposit Two [Member] | Antidumping Duties [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 0.00% | ||||||||||||||||||||
Deposit Two [Member] | Countervailing Duties [Member] | Fourth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.83% | ||||||||||||||||||||
Deposit Two [Member] | Countervailing Duties [Member] | Fifth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 0.99% | ||||||||||||||||||||
Deposit Two [Member] | Countervailing Duties [Member] | Sixth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.38% | ||||||||||||||||||||
Deposit Two [Member] | Countervailing Duties [Member] | Seventh Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Countervailing Duties Rate | 1.06% | ||||||||||||||||||||
Deposit Three [Member] | Antidumping Duties [Member] | Fifth Annual Review [Member] | |||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||
Loss Contingency Purchase Price Of Antidumping Duty Rate | 17.37% |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (Unaudited Quarterly Results) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)store$ / shares | Sep. 30, 2019USD ($)store$ / shares | Jun. 30, 2019USD ($)store$ / shares | Mar. 31, 2019USD ($)store$ / shares | Dec. 31, 2018USD ($)store$ / shares | Sep. 30, 2018USD ($)store$ / shares | Jun. 30, 2018USD ($)store$ / shares | Mar. 31, 2018USD ($)store$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | |
Selected Quarterly Financial Information (unaudited) [Abstract] | |||||||||||
Net Sales | $ 273,854 | $ 263,961 | $ 288,567 | $ 266,220 | $ 268,921 | $ 270,469 | $ 283,474 | $ 261,772 | $ 1,092,602 | $ 1,084,636 | $ 1,028,933 |
Gross Profit | 111,914 | 95,674 | 102,487 | 93,611 | 95,976 | 100,682 | 101,310 | 94,972 | 403,686 | 392,940 | 369,061 |
Selling, General and Administrative Expenses | 92,578 | 93,496 | 103,864 | 97,032 | 150,885 | 93,987 | 102,223 | 96,418 | 386,970 | 443,513 | 406,027 |
Operating (Loss) Income | 19,336 | 2,178 | (1,377) | (3,421) | (54,909) | 6,695 | (913) | (1,446) | 16,716 | (50,573) | (36,966) |
Net Income (Loss) | $ 16,398 | $ 1,045 | $ (2,856) | $ (4,924) | $ (56,876) | $ 5,923 | $ (1,454) | $ (1,972) | $ 9,663 | $ (54,379) | $ (37,823) |
Net (Loss) Income per Common Share - Basic | $ / shares | $ 0.57 | $ 0.04 | $ (0.10) | $ (0.17) | $ (1.99) | $ 0.21 | $ (0.05) | $ (0.07) | $ 0.34 | $ (1.90) | $ (1.33) |
Net (Loss) Income per Common Share - Diluted | $ / shares | $ 0.57 | $ 0.04 | $ (0.10) | $ (0.17) | $ (1.99) | $ 0.21 | $ (0.05) | $ (0.07) | $ 0.34 | $ (1.90) | $ (1.33) |
Number of Stores Opened in Quarter, net | store | 0 | 4 | 2 | 0 | 4 | 3 | 8 | 5 | |||
Comparable Store Net Sales (Decrease) Increase | 0.40% | (3.60%) | (0.10%) | (0.80%) | 0.40% | 2.10% | 4.70% | 2.90% |
Schedule II - Analysis of Val_2
Schedule II - Analysis of Valuation and Qualifying Accounts (Valuation of Qualifying Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Reserve for Loss or Obsolescence [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Year | $ 6,807 | $ 5,631 | $ 7,070 |
Additions Charged to Cost and Expenses | 1,888 | 3,108 | 6,349 |
Deductions | (1,795) | (1,932) | (7,788) |
Other | |||
Balance End of Year | 6,900 | 6,807 | 5,631 |
Income Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Year | 26,318 | 21,576 | 17,640 |
Additions Charged to Cost and Expenses | 668 | 4,742 | 3,936 |
Deductions | |||
Other | |||
Balance End of Year | $ 26,986 | $ 26,318 | $ 21,576 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Detail) | Dec. 31, 2019statestore |
Organization and Business Operations [Line Items] | |
Number of States in which Entity Operates | state | 47 |
CANADA | |
Organization and Business Operations [Line Items] | |
Number of Stores | store | 8 |
Selected Quarterly Financial _4
Selected Quarterly Financial Information (Certain Items Impacting Gross Profit and SG&A) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information (unaudited) [Abstract] | |||||||||||
Gross profit | $ 111,914 | $ 95,674 | $ 102,487 | $ 93,611 | $ 95,976 | $ 100,682 | $ 101,310 | $ 94,972 | $ 403,686 | $ 392,940 | $ 369,061 |
SG&A | $ 92,578 | $ 93,496 | $ 103,864 | $ 97,032 | $ 150,885 | $ 93,987 | $ 102,223 | $ 96,418 | $ 386,970 | $ 443,513 | $ 406,027 |